ArcelorMittal Dofasco asks courts to end uncertainty with respect to the purchase of Wabush Mines
ArcelorMittal Dofasco Inc.
Box 2460
Hamilton, Ontario L8N 3J5
Telephone (905) 544-3761 Fax (905) 548-4935
Toll Free: 800 363-2726 On Line: www.dofasco.ca
| Release Date: | March 12, 2008 |
| Information Contact: |
Andrew Sloan (905) 548-7200 ext. 3105 |
Hamilton, ON Mar. 12, 2008 - ArcelorMittal (NYSE: MT) announced today that it has commenced a legal action in the Ontario Superior Court to require U.S. Steel Canada Inc. and Cleveland-Cliffs Inc. to respect their commitment and comply with the sale of their respective interests in the Wabush Mines joint venture to ArcelorMittal Dofasco.
U.S. Steel Canada and Cleveland-Cliffs agreed to sell their interests in the Wabush Mines joint venture to ArcelorMittal Dofasco in accordance with the terms of an agreement made last August.
"Everyone fully understood the terms of this agreement. Our decision to pursue legal action is done in an effort to expedite the closure of the sale, and provide some much needed certainty for the employees at Wabush as well as the community and government stakeholders." said ArcelorMittal Dofasco President Juergen Schachler.
In a surprise move, Cleveland-Cliffs and U.S. Steel Canada issued press releases on March 4,2008 dismissing their binding legal obligations with respect to the sale.
ArcelorMittal is the world’s No. 1 steel company with 320,000 employees in 60 countries. ArcelorMittal Dofasco is a leading North American steel producer and supplier of high quality flat rolled steels.
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