ArcelorMittal to Acquire Wabush Mines.LUXEMBOURG -- Regulatory News: ArcelorMittal today announces that it will acquire Wabush Mines, an iron ore and pellet producer in northeastern Canada. The company will exercise the option ("right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. ") that its Dofasco subsidiary had on the Wabush Mines Joint Venture. Dofasco, which already held 28.6% of the mining venture, will acquire the interests of Stelco (44.6%) and Cleveland Cliffs (26.8%) on the same terms as those offered by Consolidated Thompson on June 6th, 2007. These terms include a cash element of around USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 67 million and certain liabilities. As a result, ArcelorMittal will own 100% of the mining company. The transaction, which is subject to regulatory approval, is expected to be finalised by December 2007. Wabush produces concentrates at its Scully mine in Wabush (Newfoundland & Labrador). The concentrate is transported by rail to its Pointe Noire pelletizing Pelletizing or pelletising is the process of compressed or molding of product into the shape of a pellet. A large range of different products are pelletized including chemicals, iron ore, animal compound feed, and more. and port facility located on the north shore of the St. Lawrence River. Yearly production of pellets is approximately 4.8 million tonnes. Wabush's mine and port operations are close to those of QCM QCM Quality Control Manager QCM Quartz Crystal Microbalance QCM Questionnaire à Choix Multiples QCM Quebec Cartier Mining QCM Quark Content Management QCM Queen City Metro (Cincinnati bus) (Quebec Cartier Mines), a mining subsidiary of Dofasco. Malay Mukherjee, member of ArcelorMittal's Group Management Board in charge of Mining, said: "The acquisition of Wabush Mines and facilities will enable us to exploit the synergies with the Group's existing QCM operations to increase overall pellet production in the medium term by about 3.5 million tonnes per year. This will bring ArcelorMittal closer to its stated objective of 75% iron ore self-sufficiency". About ArcelorMittal ArcelorMittal is the world's number one steel company, with 320,000 employees in more than 60 countries. The company brings together the world's number one and number two steel companies, Arcelor and Mittal Steel. ArcelorMittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets. ArcelorMittal key pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma financials for 2006 show combined revenues of USD 88.6 billions, with a crude steel production of 118 million tonnes, representing around 10 per cent of world steel output. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP (1) (Message Transfer Part) See SS7. (2) (Media Transfer Protocol) A Microsoft enhancement to the picture transfer protocol (PTP), starting with Windows Media Player 10 in Windows XP. ), Brussels (MTBL MTBL Mean Time Between Data Loss ), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid (MTS (1) See Microsoft Transaction Server. (2) (Modular TV System) The stereo channel added to the NTSC standard, which includes the SAP audio channel for special use. 1. MTS - Message Transport System. 2. ) and Valencia. |
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