Arcelor to Acquire Baffinland of Canada

Company is trying to boost self-sufficiency in iron ore in order to lessen its dependence on the three main producers

ArcelorMittal, the world's largest steel producer, said on Oct. 8 that it had reached an agreement to buy Canadian mining company Baffinland for 308 million euros (US$430 million).

Baffinland specializes in the development of iron ore sites along the Mary River in northern Canada.

ArcelorMittal has sought to boost self-sufficiency in iron ore in order to lessen its dependence on the three main producers, BHP Billiton, Vale abd Rio Tinto.

Arcelor's production of iron ore is to set rise by 10 million tons this year to 50 million tons.

Copyright Agence France-Presse, 2010

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