ArcelorMittal, Nunavut Iron in bid for Baffinland

ArcelorMittal SA and Nunavut Iron Ore Acquisition Inc. joined forces in allcash bid valued at 588 million Canadian dollars ($594 million) for Baffinland Iron Ore Mines Corp. Both companies want access to Baffinland's Mary River Project, an undeveloped deposit of iron ore locked in the sparsely populated North Baffin Island located in the Arctic. 

 Under the agreement, ArcelorMittal and Nunavut Iron will own 70% and 30% of Baffinland respectively upon successful completion of the ArcelorMittal offer and if a second step acquisition transaction is completed. 

 Steelmakers have been keenly interested in capturing more of their resources, especially iron ore and coal- two key ingredients in the production of steel-as prices for both have risen over the years.