WORLD HEADLINESWorld
ArcelorMittal Reacts to Kumba Iron Ore Supply Stoppage
Mar. 1, 2010 Trading in shares in ArcelorMittal South Africa was recently halted at the request of the company. The company has received notification from Kumba Iron Ore that from March 1 forward it will not supply iron ore to ArcelorMittal from its Sishen iron ore mine under the terms of the supply agreement entered into by the two parties in 2001.
ArcelorMittal rejects Kumba’s cancellation of the contract and is engaging the management of Kumba as a matter of urgency. If the matter is not resolved satisfactorily, then ArcelorMittal South Africa says it will proceed with legal action.
Due to the price-sensitive nature of this information, the company has requested that the JSE halt trading until a further announcement is made, which is planned for March 3.