S. African Co. Puts Up $440M To Nab Steelmaker From Anglo

Law360, New York (April 24, 2012, 2:03 PM EDT) -- Anglo American PLC will sell steelmaker Scaw South Africa Pty. Ltd. to a state-run development organization for $440 million to button up the mining company's $1.4 million divestment of noncore assets, Anglo said Tuesday.

In the deal, a consortium led by Industrial Development Corp. of South Africa will assume ownership of the South African steelmaker, allowing Anglo American to focus on its central mining operation and streamline management, the company said.

Since announcing its planned divestment effort in 2009, meant to rid Anglo American of its...
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