Anglo in $1bn sale of foreign steel assets

first_img More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Show Comments ▼ KCS-content Tags: NULL Tuesday 4 January 2011 7:58 pm Share ANGLO American has sold its Moly-Cop and AltaSteel businesses to Australian steel manufacturer OneSteel for $1,076bn (£641m), in the latest move to streamline the mining company’s business and renew its focus on core commodity assets. The sale was initially priced at $932m on a debt and cash-free basis on 14 November 2010, but the final figure has been adjusted to include cash, debt, and certain other adjustments. Moly-Cop, based in Santiago, Chile, manufactures grinding metal and owns facilities across Latin America as well as in Canada. AltaSteel is one of its steel bar suppliers – a mini-mill based in Edmonton, Canada. Control of the companies will pass to OneSteel on 1 July, though approval for the deal is still subject to Canadian antitrust clearance and regulatory review in both Australia and Brazil.The sale also includes joint venture interests in the Donhad grinding media business in Australia, and in GenAlta Recycling in Edmonton, Canada.Anglo announced a programme of intended divestments in October 2009, which comprised a portfolio of non-core assets including the Scaw Metals Group, of which Moly-Cop and AltaSteel are a part. The majority of the assets planned for disposal have since been sold, though certain UK, South African and Latin American assets are still up for grabs. This latest transaction follows the sale of Anglo’s zinc portfolio for £1.3m in May last year. A spokesman from Anglo said that though the rump of the non-core assets had been sold, disposals of its Tarmac UK assets, Scaw South Africa, and phosphate miners Copebrás and Catalão were still in the pipeline. The spokesman said that though plans to sell the remaining assets were underway, timing on the potential deals was yet to be confirmed.Anglo American’s South African shares gained 3.31 per cent on the news, boosting the Johannesburg Stock Exchange Top 40 by 0.39 per cent to close at R28,933.58. The company’s stock on the LSE closed 2.14 per cent up at 3,407p, having surged to 3,468.5p earlier. whatsapp whatsapp Anglo in $1bn sale of foreign steel assets last_img

About admin

Leave a Reply

Your email address will not be published. Required fields are marked *