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BlueScope and Nippon steel agree $1.4bn joint venture
by JF Mon 13 Aug 2012, 13:25
BlueScope and Nippon Steel, Australia and Japan's biggest steelmakers, have announced a $1.4bn (£890mn) joint venture in a bid to capture greater market share.
The Australian firm has agreed to sell 50% of its South East Asian and North American building products business to Nippon for $540m in cash.
The proceeds are expected to help ease BlueScope's debt burden.
BlueScope shares rose as much as 50% in Australia after the deal was announced.
"This is a significant new platform to enhance our growth opportunities in some of the fastest growing markets in the world," Paul O'Malley, managing director of BlueScope said in a statement.
"The proceeds received from Nippon Steel Corporation will afford BlueScope further financial flexibility and balance sheet strength to continue to grow businesses delivering strong returns."
bbc.co.uk/news/business
The Australian firm has agreed to sell 50% of its South East Asian and North American building products business to Nippon for $540m in cash.
The proceeds are expected to help ease BlueScope's debt burden.
BlueScope shares rose as much as 50% in Australia after the deal was announced.
"This is a significant new platform to enhance our growth opportunities in some of the fastest growing markets in the world," Paul O'Malley, managing director of BlueScope said in a statement.
"The proceeds received from Nippon Steel Corporation will afford BlueScope further financial flexibility and balance sheet strength to continue to grow businesses delivering strong returns."
bbc.co.uk/news/business
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