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ArcelorMittal Dofasco divests minority interest in Wabush Mines for US$35 million

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ArcelorMittal Dofasco

On February 1, 2010, ArcelorMittal Dofasco completed the divestiture of its 28.6% minority interest in Wabush Mines, Canada to Cliffs Natural Resources Inc., receiving a consideration of approximately US$35 million for the stake. The Wabush Mines operation includes the Scully Iron Ore Mine near Wabush, Newfoundland, Labrador; the pellet plant and port facilities at Point Noire, Quebec; and integrated rail facilities. Arcelormittal Dofasco was advised in this transaction by Fasken Martineau with a team that included Sean Stevens and Amira Abouali (corporate), Ron Nobrega and Jean-François Perrault (tax), Jean-M Gagné and Jean-Gabriel L'Ecuyer (real estate) and Huy Do and Mark Magro (competition).