BlueScope to acquire OneSteel sheet and coil processing business

Australian flat steel producer BlueScope has announced that it has agreed to acquire from Australia-based Arrium Limited its OneSteel sheet and coil processing and distribution businesses in Sydney, Brisbane, Adelaide and Perth. BlueScope will pay inventory value at completion (as of September 30 this was $23.1 million) for the assets and assumed liabilities and expects to incur net integration costs of $7 million.
 
BlueScope said that the acquisitions will further improve the efficiency by lowering costs through the integration of these businesses with the company's existing operations.
 
The acquisition is subject to Australian Competition and Consumer Commission approval. Completion is targeted for the end of the December quarter of 2013.