ArcelorMittal sells stake in Canadian mine

BRUSSELS: ArcelorMittal, the world���s largest steel maker, said it is selling a minority stake in a Canadian iron ore mine after failing to take it over last year.

The company said in a Friday statement that it would sell its 28.6% in Wabush Mines to Canadian miner Consolidated Thompson Iron Mines for $34.28 million.

ArcelorMittal took legal action in March 2008 against the other owners, US Steel Canada and Ohio-based Cleveland Cliffs, saying they had reneged on a 2007 agreement to sell their stakes. Their change of mind may been linked to surging prices for iron ore in early 2008, when demand for steel was booming.