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ArcelorMittal, BHP Billiton Discuss Combining Iron Ore Interests
01/20/2010 - ArcelorMittal has entered into initial discussions with BHP Billiton to potentially combine their respective iron ore mining and infrastructure interests in Liberia and Guinea within a joint venture.
ArcelorMittal has entered into initial discussions with BHP Billiton to potentially combine their respective iron ore mining and infrastructure interests in Liberia and Guinea within a joint venture.
The two companies’ iron ore interests in Liberia and in Guinea are proximate and could be “significantly more competitive” if combined, according to the companies.
The parties plan to assess the merits of a partnership over the coming months and to work closely with the governments involved.
ArcelorMittal, with operations in more than 60 countries, is a leader in all major global steel markets, including automotive, construction, household appliances, and packaging, with sizeable captive supplies of raw materials. With an industrial presence in more than 20 countries spanning four continents, the company covers all of the key steel markets, from emerging to mature. In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing about 10% of world steel output.
