ArcelorMittal, Nunavut gain control of Baffinland

Steel producer ArcelorMittal and Ounavut Iron Ore Acquisition say they have increased their stake in Canada's Baffinland Iron Mines Corp to 93 percent and will complete their joint $594 million take-over of the junior mining company. The companies have acquired an additional 16.5 million commons shares in Baffinland, which controls a massive iron ore deposit in Canada's Arctic.
The added shares, together with the stock already held by both buyers, means ArcelorMittal and Nunavut now control0a 93 percent stake.