Australia's Arrium to sell stake in NZ Steel & Tube

摘要

In a further move away from steel, Australia's Arrium will sell its majority 50.3% stake in New Zealand steel distributor Steel & Tube Holdings for around A$73.4 million (US$75 million). The company currently produces around 6 million mt/year of iron ore and is targeting an increase to 12 million mt/ year by July 2013. The Sydney-based company, formerly known as OneSteel, said it would use proceeds from the sale to pay down debt and noted that it was looking to sell other “non-integrated” steel assets.