OneSteel Ltd
(ASX:OST) has announced that is has met all regulatory conditions to acquire the Moly-Cop and AltaSteel businesses from mining giant Anglo American and is set to complete the acquisition by the end of the month.
As per the arrangement, OneSteel will also acquire a 40 per cent shareholding from Anglo American in Donhad, an Australian media grinding producer.
As a result of the acquisition, the steel miner will establish a separate mining consumables division that will encompass the newly acquired businesses, the company’s Waratah facilities and its existing media grinding business located in the United States and Indonesia.
For the year ended 30 June 2010, OneSteel reported a net profit of $261 million.
