Financial Times

ArcelorMittal explores iron ore stake sale
Financial Times

ArcelorMittal is exploring the sale of a stake in its $10bn Canadian iron ore business, as the world’s biggest steel company struggles to cope with the downturn in its key commodity.

People familiar with the matter said ArcelorMittal had appointed advisers and had been sounding out potential buyers of a stake in the business, formerly known as Québec Cartier Mining.

The entire business, which produced about 15m tonnes of iron ore concentrate last year, could be worth $8bn-$10bn, the people added. ArcelorMittal is considering selling a minority stake, probably about 30 per cent.

Since the financial crisis, the group has come under pressure, as the global steel industry battles a prolonged period of overcapacity caused by a collapse in European demand and slowing growth in Chinese consumption.

ArcelorMittal is the fourth-largest iron ore producer globally, and has said it plans to reach 84m tonnes of annual output by 2015.

Durant la campagne électorale, tous les partis ont dit qu’il était disposé à utiliser l’argent des contribuables pour acheter des parts dans le secteur minier québécois. Selon les politiciens, cela pourrait être une source inépuisable de revenus pour l’État québécois…

Quand on voit une grosse compagnie comme ArcelorMittal liquider une partie de ses actifs au Québec, il est permis de penser que les politiciens veulent jouer à la roulette russe avec notre argent…