06 June 2007

Stelco sells stake in Wabush to Consolidated Thompson

From the Globe and Mail:
Stelco Inc., which slapped a "For Sale" on its door last week, is selling its stake in the Wabush iron ore mine joint venture for an estimated $163.4-million as part of its efforts to "surface value" for shareholders.

As its annual meeting was getting under way Wednesday morning, the Hamilton, Ont., steel maker, announced it has struck a deal to sell its 44.6 per cent stake in the venture to Consolidated Thompson Mines Ltd. (CLM) of Toronto.
-srbp-