BlueScope surges on Nippon deal
BLUESCOPE shares have jumped by more than a third after announcing a $1.36 billion joint venture with Nippon Steel.
The 50-50 partnership will see the two companies join forces to sell coated steel products in South-East Asia and North America.
BlueScope says it will receive around $US540 million ($512 million) in net proceeds from Nippon Steel's acquisition of a 50 per cent stake in BlueScope's operations in Indonesia, Malaysia, Thailand, Vietnam, Singapore, Brunei, Myanmar, Cambodia, Laos, the Philippines and North America.
BlueScope retains full ownership of its Australian, Chinese and Indian operations.
The Australia steelmaker's chief executive Paul O'Malley says Nippon Steel's scale will open up more markets for the joint venture's products, including white goods for the expanding Asian middle class, as well as building products.
Read more at Brisbanetimes.com.au