Referenced Stocks

Market Chatter: ArcelorMittal Makes Nunavut Equal Partner in Baffinland

By Midnight Trader,  December 13, 2012, 02:39:29 PM EDT

The world's largest steelmaker ArcelorMittal ( MT ) has ceded part of its stake in Canada's Baffinland Iron Ore Mines to Nunavut as it seeks to cut costs in a sluggish global market, Reuters reported.

Luxembourg-based ArcelorMittal, which has a high debt load, said on Thursday that it had handed over a 20% Baffinland stake to Nunavut, a privately held company backed by U.S. private equity firm Energy & Minerals Group. No financial details were disclosed.

The deal leaves each of the two companies with half of Baffinland, which offers vast undeveloped iron ore deposits in Canada's Arctic.

The collapse in world steel markets led credit ratings agency Moody's to cut its rating on ArcelorMittal debt to "junk" status with a negative outlook last month.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: MT



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