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Posco confirms that it is part of a group that has agreed to acquire a 15% stake in iron-ore...

Posco confirms that it is part of a group that has agreed to acquire a 15% stake in iron-ore company ArcelorMittal Mines Canada (MT) for $1.1B. Earlier today, it was reported that China Steel will invest $540M and Posco $270M, with the South Korean firm looking to bring in other potential investors. (Previously)
Comments (2)
  • Jeb Handwerger
    , contributor
    Comments (622) | Send Message
     
    Posco and Arcelor Mittal both own General Moly in Nevada which is beginning construction on Mt. Hope...

     

    http://seekingalpha.co...
    1 Jan 2013, 08:06 AM Reply Like
  • Dr. V
    , contributor
    Comments (1179) | Send Message
     
    I said this 2 years ago, when Credit Suisse and UBS both turned down MT's refinancing requests, claiming MT was "no longer trustworthy, and were seen as an unreliable risk."

     

    In a detailed comparrison here on SA, I also pointed out their debt was nearly as high as their Mkt Cap, citing specifically that POSCO was knocking MT in the dirt worldwide, and would indeed surpass MT within the year.

     

    Happy New Year Mr. Mittal!

     

    Remember what I told you in London?
    2 Jan 2013, 02:51 AM Reply Like
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