BlueScope Steel Limited’s (ASX:BSL)has announced the official start up of its $US1.4 billion Coated Products Joint Venture with the world’s second largest steel maker, Nippon Steel and Sumitomo Metal Corporation.
The steel maker says the sale of 50 per cent of the joint venture businesses was completed today and will see BlueScope net proceeds of about $US540 million.
BlueScope andNippon Steel and Sumitomo Metal Corporation have worked together for 40 years and will look at manufacturing products for the home appliance market.
The JV is geared to investing selectively in growth opportunities and is currently being considered as a supplier to Japanese customers.
BlueScope Steel narrowed its net loss to $5.3 million in the first half of the 2013 financial year.
BSL Price at posting:
$5.01 Sentiment: None Disclosure: Held
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