Mittal Steel (NYSE:MT)
Historical Stock Chart
2 Years : From Aug 2012 to Aug 2014
By Kanga Kong
SEOUL--A consortium led by South Korean steelmaker Posco (005490.SE) has been named the preferred bidder for a stake in an ArcelorMittal (MT)-controlled iron-ore mine company in Canada, a person who has direct knowledge of the matter said Tuesday.
"Posco-led consortium has been in exclusive talks" with ArcelorMittal for the stake, the person told Dow Jones Newswires.
The progress comes after the Korean steelmaker said in mid-November that it is considering forming a consortium to buy the stake in a bid to boost access to the key raw material.
"We are seeking to form a consortium with local investors to acquire about a 10% stake valued at $1 billion in the Canadian mine operator," Posco's spokesman said at the time.
Posco declined Tuesday to comment on whether it has won the exclusive talks.
Write to Kanga Kong at email@example.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires