A consortium of Asian steel companies, including Posco of South Korea and China Steel of Taiwan, has agreed to buy a 15 percent stake in one of ArcelorMittal SA’s (AMS:MT) iron ore units for $1.1 billion.

The Luxembourg-based seller opted to divest an interest in ArcelorMittal Mines Canada after it took a hit of about $49 million on $19.7 billion in revenue in the third quarter of 2012. Lakshmi Mittal, ArcelorMittal’s chief executive and controlling shareholder, has attempted to sell off assets worth $4.2 billion since September 2011 as a means of reducing a daunting debt load. ArcelorMittal, as of Sept. 30, has roughly $23 billion in debt.

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