Anglo American decides to sell Scaw South African unit
Reportedly, Anglo American has decided to sell steelmaker Scaw South Africa (Pty) Ltd for ZAR 3.4 billion followed by sales of Scaw companies and AltaSteel last year.
Therefore, the sale is expected to bring Anglo American’s non-core asset sales to US$3.7 billion since 2010.
In the background, Scaw South Africa supplies steel components for the sectors such as mining, rail, power, offshore oil, instruction industries. Consolidated Wire Industries, a tie up with ArcelorMittal, owns 50% stakes and the rest 31% was hold by GSL Lucchini, a venture with Lucchini SpA.
News Date 26 Apr 2012 11:54:32 reported by Kate Hsieh