Publications
Partners
London - Global miner Anglo American [JSE:AGL] has sold the
South African arm of Scaw Metals for $440m to an investment consortium in a
long-awaited deal, bringing the proceeds from its drive to divest non-core
assets to $3.7bn over two years.
Scaw South Africa, an integrated steel maker which produces
highly specialised components for mining, rail and other industrial sectors,
was a last major component of Anglo’s push to refocus the company on its core
mining assets.
Anglo sold Scaw Metals’ international business to
Onesteel in December 2010 for $932m.
Tuesday’s sale, to the consortium led by the Industrial Development Corporation and which includes Izingwe
Holdings, Shanduka Resources and the Southern Palace group of companies, brings
the total proceeds from the Scaw Metals Group sale to $1.4bn.
Other non-core assets sold over the past two years include Anglo’s zinc portfolio.
