ArcelorMittal buys Macarthur stake
By Reuters May 21
ArcelorMittal , the world’s top steel maker, is in talks with Australia’s Macarthur Coal after buying a 15 percent stake in the company, setting off a possible bidding war for the A$4.4bn group and pushing its shares up 14 per cent.
Soaring coal prices, driven by demand from fast-industrialising China and India and tight supplies, have put Australia’s mining sector in play amid a global resources grab.
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