Anglo American completes sale of Scaw South Africa

Diversified mining titan Anglo American has completed the sale of Scaw South Africa, South Africa based integrated steel maker, to an investment consortium led by the Industrial Development Corporation of the same country.

The company sold for R3.4bn (c. $440m) on a cash and debt free basis.

The sale was originally announced in late April 2012, which Cynthia Carroll, Chief Executive at the time, said: "The sale of Scaw brings the total announced proceeds from our divestments of non-core assets to $3.7bn since 2010, maximising value from these businesses for our shareholders.

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"This acquisition will contribute positively to the South African government's industrial development objectives by enabling the IDC to play a meaningful role in the strategically important steel industry."

NR