BHP Billiton seperates its steel division

BHP Billiton seperates its steel division

It is reported that the Australian steel producer BHP Billiton is leaving the steel industry and in consequence of this event at the beginning of this week the parting of the company's steel division as of July 15, 2002 is decided by The Federal Court of Australia. The steel division will be listed as a seperate entity as BHP Steel, being permitted to use the name for two years. BHP will not have shares in the new company. BHP Steel is expected to have assets of 4.7 billion Australian Dollars, including the rolling mills in Indonesia, Thailand, Malaysia, and the half share in North Star and annual sales of approximately 5 billion Australian Dollars, supplying almost 80% flat steel products of Australia and New Zealand demand.