Discontinuance of proceedings against BlueScope

Company News

by Ortenzia Borre

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Last Updated: 13/12/2019 3:59 PM

Legal proceedings in New Zealand against BlueScope (ASX:BSL) subsidiary, Toward Industries Limited, were discontinued yesterday by New Zealand Iron Sands Holdings Limited (NZIS).

The proceedings were initially announced to the ASX in August 2017 and related to New Zealand Iron Sands’ failed attempt to buy Toward’s iron sands mining business.

Due to the entire case being dropped, Toward has agreed to pay a small amount of the incurred legal costs.

Shares in BlueScope are trading 0.41 per cent lower at $14.43.