Australian miner Macarthur Coal Ltd
Last month, Arcelor paid $604 million for a 14.9 percent stake in Macarthur and has been holding talks with the Australian firm on an unspecified transaction.
Macarthur Coal said the talks did not result in any proposal for a transaction.
We welcome ArcelorMittal as a substantial shareholder and look forward to continuing our long-term relationship with them as a major customer, Macarthur Coal chairman Keith De Lacy said in a statement.
Analysts said there had been high expectations Arcelor would make a full takeover offer for Macarthur, which helped push its shares to successive record highs in the past month.
It touched a high of A$21.21 on June 18 and closed on Tuesday at A$20.73. The stock has more than doubled in value since the start of the year.
Soaring coal prices, driven by tight supply and voracious demand from China and India, have put Australia's mining sector in play amid a global resources grab.
The founder and top shareholder of Macarthur, Ken Talbot, quit the board on Monday, in a move viewed as pushing the $4.2 billion company closer to a possible sale.
Talbot holds a 19.76 percent stake in Macarthur, which supplies steel mills with more than a third of the world's pulverised coal.
A spokesman for Talbot said on Monday he would watch with interest from the sidelines until a formal bid for the company emerged. ($1=A$1.05) (Reporting by Victoria Thieberger; Editing by James Thornhill)
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