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ArcelorMittal picks 49% stake in Mineracao Piramide

Sumeet Kak 12 August 2008

ArcelorMittal picks 49% stake in Mineracao Piramide World's largest integrated metals and mining company ArcelorMittal has acquired 49% stake in the Brazilian mining firm Mineracao Piramide for an undisclosed amount. Located at Corumba in Brazil, MPP focuses on the exploration and development of iron ore and manganese reserves in the region. The company said that the price to be paid by ArcelorMittal will be calculated on basis of the amount of iron ore and manganese reserves 'in situ' assessed according to the code for the reporting of mineral resources and ore reserves of the Australasian Joint Ore Reserves Committee (JORC). However, the transaction is subject to regulatory approvals. Further, ArcelorMittal also plans to make additional investments to increase MPP's iron ore production capacity in the short term. Last month, ArcelorMittal bought 70% stake in Brazilian processor and distributor Manchester Tubos e Perfilados SA.