Global steel manufacturing company ArcelorMittal has completed the sale of 15% interest in the company’s Labrador Trough iron ore mining and infrastructure assets in Canada to a consortium led by POSCO and China Steel Corporation for $1.1bn.
The consortium completed its investment with the acquisition of a 3.95% stake in the joint venture for $290m in cash.
In March 2013, ArcelorMittal sold 11.05% interest in the joint venture to the consortium for total consideration of $810m.
The company earlier said that the sale of a 15% stake in Labrador Trough iron ore mining and infrastructure assets is part of the its process to reduce debt load.
With the completion of the sale, ArcelorMittal’s wholly owned subsidiary ArcelorMittal Mines Canada now retains an 85% interest in the joint venture.