One of world’s leading steel producers is
also buying up me coal mining operations.
ArcelorMittal announces during
the end of June that it had increased its
stake in Macarthur Coal in Australia from
14.9% to 19.9%. The total investment
amounted to A$843 million. The acquisition
of this holding is in line with
ArcelorMittal’s strategy of securing its
supply of raw materials, in this case
through the acquisition of a stake in a
leading supplier of low volatile pulverized
coal injection (PCI) coal.
In related news, ArcelorMittal signed
an agreement to acquire Mid Vol coal
group which operates mines in Southern
West Virginia and Southwestern Virginia.
Mid Vol produced 1.5 million tons of
high-quality metallurgical coal last year.
The company has more than 85 million
tons of recoverable coal reserves in
Central Appalachia. Plans are to double
coal production levels at Mid Vol mines
under permits already approved.
As featured in Womp 08 Vol 6 - www.womp-int.com