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COMBINED STEEL BUSINESSES SOLD IN AUSTRALIA FOR $US34MLN.
SYDNEY, Dec 3 Asia Pulse - The combined $A67 million ($US34.55 million) sale of the Atlas Steels and Bisalloy Steels businesses, formerly owned by Email Ltd, has been announced by the Smorgon Steel Group Ltd (ASX:SSX) and OneSteel Ltd (ASX:OST).
Both were sold to InterBank Capital Partners Pty Ltd and Quadrant Capital, for a total of $67 million which Smorgon and OneSteel will share equally.
The managing director of Smorgon Steel, Mr Ray Horsburgh, said Atlas Steels and Bisalloy Steels were both profitable businesses, but neither provided a strategic fit with Smorgon's core activities.
"The proceeds from these sales will be used to reduce our debt further," he said.
The managing director of OneSteel, Dr Bob Every, said the sale was in line with the OneSteel strategy to generate cash to further reduce debt.
"Besides the further disposal program associated with the Email transaction, OneSteel is in the process of marketing four other properties in the manufacturing and distribution businesses," he said in the statement.
"It is anticipated that these properties will be disposed of in the coming year."
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Source: HighBeam Research, COMBINED STEEL BUSINESSES SOLD IN AUSTRALIA FOR $US34MLN.