Posted in | News | Ferrous Alloys and Metals | Iron and Steel

ArcelorMittal Takes Legal Action for Wabush Mines Purchase

Mar 15 2008

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ArcelorMittal announced that it has commenced a legal action in the Ontario Superior Court to require U.S. Steel Canada Inc. and Cleveland-Cliffs Inc. to respect their commitment and comply with the sale of their respective interests in the Wabush Mines joint venture to ArcelorMittal Dofasco.

U.S. Steel Canada and Cleveland-Cliffs agreed to sell their interests in the Wabush Mines joint venture to ArcelorMittal Dofasco in accordance with the terms of an agreement made last August.

"Everyone fully understood the terms of this agreement. Our decision to pursue legal action is done in an effort to expedite the closure of the sale, and provide some much needed certainty for the employees at Wabush as well as the community and government stakeholders”, said ArcelorMittal Dofasco President Juergen Schachler.

In a surprise move, Cleveland-Cliffs and U.S. Steel Canada issued press releases on March 4,2008 dismissing their binding legal obligations with respect to the sale.

Posted March 14th,2008

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