Stelco, a Canadian steel company, agreed to acquire a 25% stake in Minntac, a producer of taconite pellets, from United States Steel, an American integrated steel producer, for $600m. "This transaction represents a major milestone for Stelco as it secures a long-term supply of high-quality iron ore pellets and a highly valuable future option to acquire a 25% ownership interest in the Minntac Mine, one of, if not the, best assets on the iron range. Our actions today are an example of the type of decisive and strategic actions we are able to take in any operating environment, in order to drive significant and sustained long-term value creation for our shareholders," Alan Kestenbaum, Stelco's Executive Chairman and CEO.