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Anglo sells Scaw South Africa for US$440m, completes Scaw Metals disposal

Anglo_sells_Scaw_South_Africa

Anglo American plc said it sold Scaw South Africa (Pty) Ltd, an integrated steelmaker, for R3.4 billion (US$440 million), completing its US$1.4 billion divestment of Scaw Metals Group.

The sale to an investment consortium, led by the Industrial Development Corp and Anglo's partners in Scaw South Africa, follows the disposal of Scaw’s international businesses - Moly-Cop and AltaSteel - to Onesteel in December 2010 for US$932 million.

"The sale of Scaw brings the total announced proceeds from our divestments of non-core assets to US$3.7 billion since 2010," said Anglo's Chief Executive Cynthia Carroll.

The transaction is expected to be completed this year subject to regulatory approval.

 
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