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BlueScope buys One Steel sheet and coil assets

31-08-2010
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in 
BlueScope buys One Steel sheet and coil assets

BlueScope has agreed to acquire Arrium Limited’s OneSteel sheet and coil processing and distribution businesses in Sydney, Brisbane, Adelaide and Perth.  

BlueScope will pay inventory value at completion (as at September 30) for assets valued at $23.1 million. And the company expects to incur net integration costs of $7 million.

Mr Mark Vassella, BlueScope’s chief executive Australia and New Zealand said: “As with the pending acquisitions of Orrcon and Fielders from Hills Holdings, these OneSteel businesses are close to BlueScope’s core Australian operations.

The acquisitions are a further step towards improving the efficiency with which we can serve Australian customers by lowering costs through the integration of these businesses with our existing operations.”

BlueScope manufactures and distributes steel products, steel building products and metallic coated steel products. OneSteel is Australia’s only manufacturer of steel long products.

The acquisition is subject to Australian Competition and Consumer Commission approval. Completion is targeted for the end of the December 2013 quarter.

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