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.