On December 23, Australian steelmaker OneSteel Limited announced that it has satisfied the regulatory clearance conditions in Canada of its agreement to acquire Chile-based steelmaker Moly-Cop and Canada-based steelmaker AltaSteel from UK-based diversified miner Anglo American plc, and will now proceed to completion of the acquisition on or around the end of this month.
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 businesses consist of the grinding media and steel product businesses of Anglo American located in North and South America, and includes the joint venture interests in the Donhad grinding media business in Australia and GenAlta Recycling Inc. in Canada. The business was previously managed as part of the wider Scaw Metals Group.
Australia's competition regulator, the Australian Competition and Consumer Commission (ACCC), has accepted an undertaking from OneSteel to hold a 40 percent shareholding in Donhad separate from its own businesses and divest the interest in Donhad.