Anglo Completes Sale Of Moly-Cop, AltaSteel To OneSteel
January 04 2011 - 2:03AM
Dow Jones News
Anglo American PLC (AAL.LN) has completed the sale of Moly-Cop
and AltaSteel to Australia's OneSteel Ltd. (OST.AU) for cash
proceeds of US$1.076 billion, the U.K.-listed miner said Tuesday,
as part of its divestment program to focus on its core commodity
assets.
The deal was announced Nov. 14 for a total consideration of
US$932 million on a debt and cash free basis. The total cash
proceeds amount includes the cash and debt in the business and
certain adjustments, Anglo noted. Moly-Cop and AltaSteel were part
of Anglo's larger Scaw Metals Group.
In October last year, Anglo American announced plans to focus on
platinum, copper, nickel, coal and iron ore.
OneSteel is an Australia-based manufacturer and distributor of
steel and finished steel products.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413;
andrea.hotter@dowjones.com
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