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Article: US Steel Divests Interest - Analyst Blog
- Article from:
- Zacks Investment Research - Analyst Blog
- Article date:
- October 12, 2009
- Author:
CopyrightCopyright 2009 Zacks Investment Research. (Hide copyright information)
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US Steel Divests Interest - Analyst Blog
On Oct. 9,
United States Steel Corporation’s
(
X
) wholly owned subsidiary U.S. Steel Canada Inc., ArcelorMittal Dofasco and
Cliffs Natural Resources Inc.
(
CLF
) have agreed to sell their respective interest in the Wabush Mines joint venture to a Montreal-based steel mining company, Consolidated Thompson Iron Mines Ltd., for $120 million.
Wabush Mines owns and operates iron ore mining and pellet facilities in Newfoundland in the U.S. and Labrador and Quebec in Canada. Wabush's total rated annual production capacity is 6.4 million tons of iron ore pellets.
U.S. Steel holds 44.6%, ArcelorMittal Dofasco holds 28.6% and Cliffs ...