ArcelorMittal Buys into Brazilian Miner

Steel processor ArcelorMittal is acquiring 49% of the share capital in Brazilian mining company Mineracao Piramide Participacoes (MPP). MPP’s activities are focused on exploration and development of iron ore and manganese reserves in the region. The price to be paid by ArcelorMittal will be based on the amount of iron ore and manganese reserves in situ assessed according to a code for the reporting of mineral resources and ore reserves of the Australasian joint ore reserves committee, ArcelorMittal adds. Last week, ArcelorMittal announced investment of $1.6bn in long carbon steel operations in Brazil.