Anglo American Sells 2 Divisions Worth Nearly $1B

Law360, New York (November 15, 2010, 3:19 PM EST) -- U.K.-based Anglo American PLC, among the world’s largest mining companies, has sold two steel manufacturing divisions to Australian manufacturer OneSteel Ltd. for just under $1 billion.

Anglo American described Sunday’s $932 million sale of its Moly-Cop and AltaSteel divisions as part of a long-term project, announced in October 2009, to pare down the company’s holdings to focus on its core capacities, according to a statement by Anglo American CEO Cynthia Carroll.

The Moly-Cop and AltaSteel divisions together reported $53 million in earnings in the first half...
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