A consortium of POSCO (KOSE:A005490), CSC Steel Australia Holdings Pty Ltd. and financial investors entered into an agreement to acquire 15% stake in ArcelorMittal Mines Canada Inc. from ArcelorMittal (ENXTAM:MT) for $1.1 billion in cash on December 31, 2012. CSC Steel Australia Holdings Pty Ltd. will buy 3.68% stake for $270 million. As part of the transaction, POSCO and CSC Steel Australia Holdings Pty Ltd. will enter into long-term iron ore off-take agreements proportionate ... to their joint venture interests. The transaction is subject to various closing conditions, including regulatory clearance by the Taiwanese Government. ArcelorMittal will use the proceeds to pay down its debt. The transaction is expected to close in two installments in the first and second quarters of 2013. As on March 15, 2013, A consortium of POSCO (KOSE:A005490), CSC Steel Australia Holdings Pty Ltd. and financial investors completed the acquisition of 11.05% for $810 million in cash. The acquisition of remaining interest is expected to be complete in the second quarter of 2013, subject to various conditions. Goldman Sachs and RBC Capital Markets acted as financial advisor to ArcelorMittal. Morgan Stanley acted as financial advisor to the consortium. Martin Leeburn of Maitland Consultancy and Sylvie Dumaine and Anne-Charlotte Creach of Image 7 acted as public relations advisors to ArcelorMittal. George Casey, George Karafotias, Rory O'Halloran, David Plattner and Cecelia Ferreira of Shearman & Sterling LLP acted as legal advisor for ArcelorMittal. Jason Lee of Kim & Chang acted as legal advisor for POSCO (KOSE:A005490), CSC Steel Australia Holdings Pty Ltd. and financial investors. Dawn Whittaker, Eric Reither, Robert Eberschlag, Kevin McPhee, Sara Josselyn, Hoori Chitilian, Trevor Zeyl, Janet Howard, Jeremy Grushcow, Barry Segal, Denis Gascon and Kevin Ackhurst of Norton Rose Canada LLP and Shearman & Sterling LLP acted as legal advisors for ArcelorMittal. Osler, Hoskin & Harcourt LLP acted as legal advisor for CSC Steel Australia Holdings Pty Ltd. and POSCO.
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Iron Ore Holdings, LP agreed to acquire additional 20% stake in Baffinland Iron Mines Corp. from ArcelorMittal (ENXTAM:MT) on December 13, 2012. ArcelorMittal will retain its 50% stake. The transaction is subject to customary conditions precedent and is expected to be completed early in 2013.

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