Steel Cos. BlueScope, Nippon To Form $1.4B JV In Singapore

Law360, New York (August 13, 2012, 1:56 PM EDT) -- Australia’s BlueScope Steel Ltd. will split off its Southeast Asian and North American operations to form a AU$1.36 billion (US$1.43 billion) joint venture with Japanese rival Nippon Steel Corp. as part of an ongoing bid to shore up its balance sheet, BlueScope said Monday.

The 50-50 joint venture will infuse the Australian steelmaker with AU$540 million in proceeds after taxes and transaction-related expenses, BlueScope said.

Both BlueScope and Nippon will quicken their long-term growth plans through the merger, BlueScope said. The Australian company will penetrate new...
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