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Fletcher Building Limited (ASX:FBU) says it has now completed the sale of its Pacific Steel New Zealand business to BlueScope Steel.
The sale of the Pacific’s Steel rolling mill and wire drawing facilities in New Zealand will go ahead however the Fijian rolling mill which was part of the deal is still awaiting approval from the Fijian government.
The company says it expects to record a significant expense item of up to $19 million from the sale offset by transaction costs.
Fletcher Building produced half year net earnings of $146 million to December 31, 2013.
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