Luxembourg-based ArcelorMittal said the price has yet to be determined and would depend on the amount of iron ore and manganese reserves controlled by the Brazilian group.
In a separate initiative announced Thursday, ArcelorMittal said it would invest $1.6 billion in its Brazilian long-carbon operations to boost its output in the country by two-thirds from 3.9 million tons to 6.5 million tons in the next two and half years.
"This investment represents a continuing development in our strategy of upstream integration," said Sudhir Maheshwari, a member of ArcelorMittal's management board with responsibility for M&A, in a statement. "Securing supplies of iron ore is an important part of that strategy and will contribute to the future sustainability of our business." - Paul Whitfield
See TheDeal.com: ArcelorMittal buys Brazilian miner
