BRUSSELS, Belgium (AP) -- ArcelorMittal SA, the world's largest steelmaker, said Sunday it had increased its stake in Australian miner Macarthur Coal Ltd. to just under 20 percent, days after talks on a possible takeover ended without a deal.
ArcelorMittal increased its stake from 14.9 percent to 19.9 percent by paying 212 million Australian dollars ($204 million) for an extra 5 percent from Talbot Group Holdings, owned by Macarthur founder Ken Talbot.
It said the purchase was in line with recent moves to secure its own supplies of key raw materials as global prices soar. Macarthur supplies more than a third of the world's pulverized coal, which is used to heat steel furnaces.
ArcelorMittal last month approached Macarthur about a potential takeover, but talks between the two companies ended last week without a deal. Macarthur said it welcomed ArcelorMittal as a substantial shareholder and wanted a long relationship with it as a customer.
ArcelorMittal -- which produces some 10 percent of the world's steel -- said it has now spent 843 million Australian dollars ($810 million) building up its stake in Macarthur. This values the miner at some $4 billion.