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ArcelorMittal's integration dilemma

When iron ore prices reached the heady heights of US$120/t a few years back, the world’s largest steel producer by output was using its mining division as its key differentiator. Most of its competitors would have jumped at the chance of owning an assortment of iron ore mines. How times have changed.

Back in early 2011, the majority of Chinese, Japanese and European steel makers were all struggling to make ends meet, hampered by a lack of vertically integrated production.