Posco Considers ArcelorMittal Mines Stake

Bloomberg reported Posco (NYSE:PKX) may buy a stake in ArcelorMittal Mines Canada Inc. (NYSE:MT) after canceling a bid for Arrium Ltd. (ASX:ARI).

As quoted in the market news:

A group including Posco may seek to buy about 10 percent of ArcelorMittal Mines Canada that’s worth about $1 billion, MoneyToday reported earlier, citing unidentified banking officials. Posco, which may invest as much as $300 million, hired Morgan Stanley to advise on the possible stake purchase, the Korean-language news provider said. The balance of funds would be raised from the partners, which weren’t identified.

Click here to read the full Bloomberg report.