US Steel Canada To Sell Stake In Wabush Mines

PITTSBURGH (AP) — United States Steel Corp. said Friday its Canadian subsidiary has agreed to sell its stake in the Wabush Mines joint venture to Consolidated Thompson Iron Mines Ltd. Financial terms were not disclosed.

Consolidated plans to buy U.S. Steel Canada's 44.6 percent interest and ArcelorMittal Dofasco's 28.6 percent stake in the venture.

Wabush Mines owns and operates iron ore mining and pellet facilities in Newfoundland and Labrador and Quebec, Canada.

Completion of the deal is subject to a right of first refusal by the third owner of Wabush Mines, Cliffs Natural Resources Inc., and other customary closing conditions, including regulatory and third-party approvals.

Shares of U.S. Steel slid 27 cents to close at $43.85.