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Anglo American Completes Sale of Scaw South Africa to IDC Led Consortium

Tue, 27 Nov 2012 09:54:42 EST

Anglo American plc ('Anglo American') announces the completion on 23 November of the sale of Scaw South Africa (Pty) Ltd. ('Scaw South Africa') and related companies for a total consideration of R3.4 billion on a cash and debt free basis.

Anglo American announced on 24 April 2012 the sale of Scaw South Africa, a leading South African based integrated steel maker, to an investment consortium led by the Industrial Development Corporation of South Africa ('IDC') and Anglo American's partners in Scaw South Africa, being Izingwe Holdings (Pty) Limited, Shanduka Resources (Pty) Limited and the Southern Palace Group of Companies (Pty) Limited.

Scaw Metals Group
Scaw is a leading South Africa based integrated steel maker producing highly specialized and critical consumable components for the mining, rail, power, offshore oil and gas, construction, commercial and other industrial sectors. The business operates through four product focused business units with facilities in South Africa. Grinding Media produces high chrome and forged grinding media. Wire Rod Products produces steel wire rope, chain, wire and strand and other related products for mining, industrial, construction and offshore oil drilling applications. Cast Products designs and produces a variety of cast steel products for the mining, metal processing, power generation and railway industries. Rolled Products is a manufacturer of low and high carbon long steel products.

In addition to Scaw South Africa, the Business includes a 50% interest in CWI, a joint venture with ArcelorMittal South Africa; a 31% interest in GSIL, a joint venture with Lucchini SpA, and 100% equity interest in each of Haggie North America Inc, Haggie Reid (Pty) Ltd., African Wire Ropes (Pty) Ltd., Haggie Rand Zimbabwe (Pty) Ltd., Scaw Metals (Pty) Ltd. (previously known as PWB Anchor (Pty) Ltd.) and Afrope Zambia Ltd.

Anglo American
Anglo American is one of the world's largest mining companies, is headquartered in the UK and listed on the London and Johannesburg stock exchanges. Anglo American's portfolio of mining businesses spans bulk commodities – iron ore and manganese, metallurgical coal and thermal coal; base metals – copper and nickel; and precious metals and minerals – in which it is a global leader in both platinum and diamonds. Anglo American is committed to the highest standards of safety and responsibility across all its businesses and geographies and to making a sustainable difference in the development of the communities around its operations. The company's mining operations, extensive pipeline of growth projects and exploration activities span southern Africa, South America, Australia, North America, Asia and Europe.
www.angloamerican.com


Source: WebWire



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