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Report: ArcelorMittal mulls sale of iron ore assets in Canada, Brazil, Liberia

ArcelorMittal is considering divesting some of its iron ore operations in Canada, Brazil and Liberia as part of an effort to reduce debt by selling noncore assets, Bloomberg reported Sept. 26, citing people familiar with the matter.

The company's Canadian unit, which is the largest of the three and produces over 26 million tonnes of iron ore annually, could be valued at about US$2 billion, sources told Bloomberg.

ArcelorMittal is in discussions with its financial advisers about potential divestment options but has yet to start a formal sale process, according to the report.

In August, the company hinted at plans to sell noncore assets, saying it has the potential to unlock US$2 billion from its portfolio in the next two years, Bloomberg said.

ArcelorMittal declined to comment.

The company recently flagged the possible closure of some South African operations following a review.