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BlueScope Steel Limited (ASX:BSL) will joint venture with Japanese steel maker Nippon Steel Corporation as it attempts to tap into the construction sectors of emerging Asian markets.
Under the $1.36 billion deal, BlueScope will receive a $US540 million payment to be allocated towards its net debt.
Nippon Steel will acquire 50 per cent of BlueScope’s interest in Asean and North American building products sectors.
A new joint venture company will be headquartered in Singapore.
The steelmaker says due to a restructure of its Australian steel-making business, it expects to book a net loss of about $1 billion for its last financial year, when it reports its annual results next week.
BlueScope Steel booked a net loss of $524 million in the first half of the 2012 financial year.
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