Stelco Inc. announced that has signed an agreement to sell the assets of its AltaSteel Ltd. division to Scaw Metals Group, an African-based iron, steel and engineering works company.
Stelco has been looking to sell the AtlaSteel operation for around two years during bankruptcy protection hearings. The sale includes AtlaSteel’s 50 percent interest in GenAlta Recycling and Moly-Cop Canada.
The announced sale follows Stelco’s sale of several other non-core steel assets – Stelwire, Stelfil and Norambar -- last month to Mittal Canada Inc., a subsidiary of Mittal Steel Company N.V.
The transaction is subject to a number of conditions, including obtaining the required regulatory and lenders' consent. It is anticipated that, if all conditions are satisfied as planned, the sale will close early in 2006.
Stelco is looking to emerge as a company focused on its integrated steel business.
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