ArcelorMittal SA seeks coal and iron ore mines

Johannesburg, South Africa — MININGREVIEW.COM — 26 February 2010 – ArcelorMittal South Africa Limited “’ the largest steel producer on the African continent “’has revealed that it has set aside funds on its balance sheet as it seeks to buy coal and iron ore mines in southern Africa.

“The company wants to identify mining assets that complement our activities, and we are in the market for iron ore and coal assets primarily,” company CEO Nonkululeko Nyembezi said in an interview with the Johannesburg-based Business Day’s Investors Monthly magazine.

“ArcelorMittal South Africa also may use the money for its bid for Zimbabwe Iron & Steel Company, and needs reserves because of a lack of clarity over sales for the rest of the year,” she added.

Spokesman Sven Lunsche said by phone that while the company had “no concrete plans” to buy assets right now, it was seeking acquisitions and partnerships in iron ore and coal.