(MENAFN) A group of steelmakers led by South Korea's POSCO is in talks to own USD1 billion stake in a Canadian iron ore mine operator controlled by ArcelorMittal , Reuters reported, citing South Korean financial publication Money Today.
The media said that the consortium is looking to buy a 10 percent stake in Mines Canada. It added that POSCO eyes investing USD200-300 million, while the rest is coming from its partners.
POSCO is seeking to secure iron ore and coking coal resources, which are key steel-making ingredients, as the world's fourth-biggest steelmaker aims to double raw material self-sufficiency to 50 percent by 2014 from 2010 levels.
A POSCO spokeswoman said the company was studying the possibility of buying a stake in the operator, but nothing had been decided yet.
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