UK-based diversified miner Anglo American plc (Anglo American) has announced the completion of the sale of Chile-based steelmaker Moly-Cop and Canada-based steelmaker AltaSteel to Australian steelmaker OneSteel Limited (OneSteel) for cash proceeds of US$1.08 billion.
In mid-November, Anglo American and OneSteel announced the acquisition agreement for a total consideration of $932 million on a debt and cash free basis. The total cash proceeds amount includes the cash and debt in the business and certain adjustments, Anglo American said.
The businesses consist of the grinding media and steel product businesses of Anglo American located in North and South America, and include the joint venture interests in the Donhad grinding media business in Australia and GenAlta Recycling Inc. in Canada.