BlueScope Steel Limited
(ASX:BSL) is set to take full ownership of North Star BlueScope Steel LLC for $US720 million.
The steel producer announced it has agreed to acquire Cargill’s 50 percent share of North Star. The transaction will take BlueScope’s ownership of North Star to 100 percent.
BlueScope Steel Managing Director and CEO Paul O’Malley said that full ownership of North Star enhances BlueScope’s portfolio value and optionality and improves business flexibility.
Completion of the agreement is not subject to any regulatory approvals and is targeted for October 2015.
BlueScope Steel recorded a net profit of $177.1 million at 30 June 2015.
