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.