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Bluescope to sell NZ iron sands business

NZ Newswire logoNZ Newswire 2/04/2017

BlueScope Steel has agreed to sell its iron sands business in New Zealand to Taharoa Mining Investments, a company owned by local landowners.

The Melbourne-headquartered steel maker says it will make a cash contribution of $51 million and reduce net debt by $25.5m, while the buyer will take over all liabilities associated with the business.

BlueScope has been looking to sell the iron sands exports business - whose product is used as low-cost steelmaking feedstock - for some time to focus on its core premium branded steel business.

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