Arrium Limited
(ASX:ARI) will sell its wire ropes business to a Belgium based company for $90 million.
The mining and materials company says that while wire ropes is a quality business, it wants to focus on future growth in mining consumables.
CEO Andrew Roberts says growth will be centred on capturing a share of demand in grinding media and the Moly-Cop grinding media business is well positioned for this.
The move is inline with the company’s debt reduction efforts and the company says asset divestments will increase to at least $150 million on completion of the sale.
Arrium reported a net profit of $206.6 million in the 2014 financial year.
