Posted in | News | Business | Iron and Steel | Mining

US Steel Sells Out of Wabush Mine

Oct 12 2009

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U. S. Steel Canada Inc., a wholly owned subsidiary of United States Steel Corporation (NYSE: X), announced today that it has entered into an agreement with Consolidated Thompson Iron Mines Limited ("Consolidated") and ArcelorMittal Dofasco ("AMD") providing for the purchase by Consolidated of U. S. Steel Canada's 44.6% interest and AMD's 28.6% interest in the Wabush Mines Joint Venture. Terms of the transaction were not released. Wabush Mines owns and operates iron ore mining and pellet facilities in Newfoundland and Labrador and Quebec, Canada.

Completion of the transaction is subject to a right of first refusal held by the third owner of Wabush Mines, Cliffs Natural Resources Inc., and to other customary closing conditions, including regulatory approvals and third party consents.

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