ArcelorMittal buys more iron ore capacity in Brazil

first_imgArcelorMittal, the world’s leading steel company, has signed an agreement to acquire 49% of the share capital in Mineração Pirâmide Participações Ltda (MPP). MPP is a mining company located in Corumbá in the State of Mato Grosso do Sul, Brazil and its activities are focused on the exploration and development of iron ore and manganese reserves in the region. The price to be paid by ArcelorMittal will be calculated based on the amount of iron ore and manganese reserves in situ assessed according to the JORC Code.Commenting, Sudhir Maheshwari, Member of ArcelorMittal’s Group Management Board with responsibility for M&A, Project and Business Development, said: “This investment represents a continuing development in our strategy of upstream integration. Securing supplies of iron ore is an important part of that strategy and will contribute to the future sustainability of our business.”ArcelorMittal also plans to make additional investments to increase MPP’s iron ore production capacity in the short term. The transaction is subject to receipt of relevant regulatory approvals.last_img read more