ArcelorMittal Obtained Regulator Nod to Acquire Baffinland Iron Mines

Global steel giant ArcelorMittal on 13 December 2010 declared that it has received regulatory approvals for acquiring Canada's Baffinland Iron Mines Corporation in a deal worth 433 million Canadian dollars. Commissioner of Competition under the Competition Act (Canada) issued a ‘no action’ letter to ArcelorMittal confirming that the Commissioner of Competition did not intend to challenge ArcelorMittal's acquisition of Baffinland.

The takeover of Baffinland which is a mining company focused on its Mary River iron ore deposits in Canada is being seen as a step by ArecelorMittal to ensure raw material security. ArcelorMittal is the world's leading steel company. With a presence in over 20 countries, it accounts for over 70 million tonnes of crude steel production per annum, representing approximately 8 per cent of world steel output. ArcelorMittal is listed in New York, Amsterdam, Paris, Brussels, Luxembourg and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia.