Mittal Steel (NYSE:MT)
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5 Years : From Feb 2011 to Feb 2016
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.
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