Anglo ties-up Scaw Metals assets deal

[] — ANGLO American said on Tuesday it completed the sale of Scaw Metals assets Moly-Cop and AltaSteel to Australian steel manufacturer OneSteel for $1,076m.

Anglo announced the sale of Chile-based Moly-Cop and Canada-based AltaSteel in November 2010, along with grinding media and steel products businesses in the Americas for $932m on a debt and cash free basis. The total amount of $1,076m includes the cash and debt in the business and certain adjustments.

“Following the $1.3bn divestment of our zinc portfolio in May, the sale of Moly-Cop and AltaSteel represents further strategic progress as we continue to focus on our core commodity businesses and on the delivery of our major near-term growth projects,” said CEO Cynthia Carroll.