ArcelorMittal South Africa Seeks Coal, Iron-Ore Deals

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

25 Feb 2010

ArcelorMittal South Africa Ltd. has set aside funds on its balance sheet as it seeks to buy coal and iron ore mines, Chief Executive Officer Nonkululeko Nyembezi- Heita told Business Day’s Investors Monthly magazine.

The company wants to “identify mining assets that complement our activities and we are in the market for iron ore and coal assets primarily,” she told the Johannesburg-based magazine in an interview published today.
ArcelorMittal South Africa also may use the money for its bid for Zimbabwe Iron & Steel Co. and needs reserves because of a lack of clarity over sales for the rest of the year, she said.
Spokesman Sven Lunsche said by phone today that while the company has “no concrete plans” to buy assets right now, it is seeking acquisitions and partnerships in iron ore and coal.

Source: Bloomberg