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The shares were purchased at $A20 each, bringing ArcelorMittal’s total investment in Macarthur to $843 million.
The purchase is subject to Foreign Investment Review Board approval.
“The acquisition of this holding is in line with ArcelorMittal’s strategy of securing its supply of raw materials, in this case through the acquisition of a stake in a leading supplier of low-volatile pulverised coal injection (PCI) coal," ArcelorMittal said.
On Wednesday last week Macarthur announced talks had ended between the company and ArcelorMittal with no takeover deal. ArcelorMittal had already taken a 14.9% stake in the company in May.
Last week Macarthur founder Ken Talbot resigned from the board to give himself "greater flexibility to fully deal" with his remaining 19.76% stake in Macarthur, which with ArcelorMittal's latest purchase has been further whittled down.
Macarthur was trading at $18 this morning.
