Deals
BlueScope to Buy Cargill's North Star Stake for $720 Million
- Producer acted after Cargill approached by third party
- Company will continue to produce at Australia's Port Kembla
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BlueScope Steel Ltd., Australia’s largest steelmaker, agreed to buy the remaining 50 percent of its joint venture in the U.S. with Cargill Inc. for $720 million, giving the producer full ownership of North America’s most profitable mill.
The deal to acquire North Star BlueScope Steel LLC , which operates a mini-mill in Delta, Ohio that produces about 2 million tons a year of hot-rolled coil, will boost cashflow and earnings, the Melbourne-based company said in a presentation Monday. It exercised a right of last refusal to match an offer Cargill had received from an unnamed third party.