In a statement, ArcelorMittal Long Products Canada said the deal will expand its scrap operations and further help meet its scrap needs.

"As the largest recycler of scrap for local use in Quebec, we are further securing our supply of raw materials from this important region and strengthening our value chain. We are excited to extend our footprint to Abitibi and will work hard with the local team to earn the trust of our new host communities," said François Perras, chief executive officer for ArcelorMittal Long Products Canada.