Australian steelmaker BlueScope Steel has announced it has agreed to acquire Cargill’s 50 percent share in US-based North Star BlueScope Steel LLC for US$720 million. The transaction will take BlueScope’s ownership of North Star to 100 percent.
Commenting on the transaction, BlueScope managing director and chief executive officer Paul O’Malley said, “This transaction will give us 100 per cent ownership of an asset that is highly regarded within the US steel sector; full ownership enhances BlueScope’s portfolio value and optionality and improves business flexibility. The North Star business delivers on our strategy of being cost competitive in steelmaking and is best in its class.”
North Star is a producer of 2 million mt per year of hot rolled coil (HRC) at its mini-mill located in Delta, Ohio.