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Dofasco completes acquisition of Quebec Cartier Mining Company
Dofasco completes acquisition of Quebec Cartier Mining Company.
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[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, July 22 /CNW/ - Dofasco announced today that it has\nsuccessfully completed the acquisition of Quebec Cartier Mining Company (QCM)\nfollowing receipt of regulatory approval. QCM is a leading producer of iron\nore products in Quebec, with executive offices located in Montreal. The\nacquisition was previously announced on June 9, 2005.\nDofasco effected the acquisition by purchasing all of the preferred\nshares of QCM owned by CAEMI of Brazil and Investissement Quebec for total\nconsideration of $306 million. Dofasco already owned the remaining one third\nof the preferred shares. Effective July 22, 2005, all of the outstanding\npreferred shares of QCM have been converted into common shares, resulting in\nDofasco holding approximately 98.7% of the common shares.\n\"The completion of this acquisition will provide significant value for\nDofasco shareholders,\" Don Pether, Dofasco's President and Chief Executive\nOfficer, said commenting on the transaction. \"Dofasco continues to work\ntowards its goal of monetizing the value of QCM through an offering of QCM\nsecurities in the public markets.\"\nDofasco is a leading North American steel solutions provider. Product\nlines include hot rolled, cold rolled, galvanized, Extragal(TM), Galvalume(TM)\nand tinplate flat rolled steels, as well as tubular products, laser-welded\nblanks and Zyplex(TM), a proprietary laminate. Dofasco's wide range of steel\nproducts is sold to customers in the automotive, construction, energy,\nmanufacturing, pipe and tube, appliance, packaging and steel distribution\nindustries.\n\nThis News Release may contain forward-looking information with respect \nto Dofasco's operations and future financial results. Actual results may\ndiffer from expected results for a variety of reasons including the factors\ndiscussed in the Management's Discussion and Analysis section of Dofasco's\n2004 Annual Report and the Quarterly Report to Shareholders for the period\nended March 31, 2005.\n\n\n","length":2038,"tagName":"div"}]