Anglo American completes divestment of South African steelmaker

Australian mining giant Anglo American Corporation has announced that it has completed the divestment of South Africa-based integrated steelmaker Scaw Metals Group.
 
As the final stage of its $1.4 billion divestment plan, Anglo American has sold Scaw South Africa Ltd., part of the steelmaker, to an investment consortium led by Industrial Development Corporation (IDC) of South Africa and Anglo American's partners in Scaw South Africa for a total consideration of R3.4 billion ($440 million). IDC is wholly owned by the South African government under the supervision of the Economic Development Department.
 
According to Anglo American's statement, the transaction is subject to customary closing conditions such as regulatory approvals in South Africa including but not limited to competition clearance, and is expected to be completed during the course of 2012.