Australian steelmaker BlueScope has announced that it has sold Metl-Span, its North American steel insulated panels business, to US-based NCI Group, Inc. (NCI) for US$145 million.
BlueScope expects to gain estimated net proceeds of US$117 million from the sale after purchase price adjustments, tax and fees, to be paid during the fourth quarter of FY 2011-12.The company stated that it will use the net proceeds from the Metl-Span sale to pay down debt.
According to BlueScope's statement, BlueScope's North American subsidiary Steelscape will continue to supply products to Metl-Span and Metl-Span will continue to supply products to BlueScope Buildings North America.