Australian electric arc furnace (EAF) steelmaker Smorgon Steel Group Ltd. is being purchased by steel products maker OneSteel Ltd., also an Australian-based company.
According to a Bloomberg report, OneSteel has agreed to pay more than $1.5 billion (Australian) for Smorgon’s assets and operations, which include scrap processing facilities and EAF furnaces.
Smorgon’s board of directors has unanimously recommended the offer to shareholders, with a vote scheduled for this October.
OneSteel makes and distributes tubes, pipes and other steel products for construction, automotive and other applications, producing about 1.7 million tons per year of steel products.
Smorgon makes more than 900,000 tons of new steel, predominantly using scrap as a feedstock. It has scrap processing facilities not only in
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