ArcelorMittal, the world's largest steel producer, said on Dec. 31 that it had increased by 27% its offer to buy Canadian mining company Baffinland to match a rival bid by Nunavut Iron Ore.
Baffinland specializes in the development of iron ore sites along the Mary River in northern Canada.
The increased cash offer of 1.40 Canadian dollars per share raises it valuation of Baffinland to US$550 million.
ArcelorMittal emphasized its cash offer is for all of Baffinland's shares, while Nunavut's was only partial.
ArcelorMittal has already locked up a quarter of Baffinland's shares while Nunavut has 10.5%.
ArcelorMittal has sought to boost self-sufficiency in iron ore in order to lessen its dependence on the three main producers, BHP Billiton, Vale and Rio Tinto.
ArcelorMittal's revised offer expires on January 10.
Copyright Agence France-Presse, 2010