Tel :
Tel :
Australian steel manufacturer BlueScope Steel Limited recently reached a legally binding agreement with India's Tata Steel to sell its entire 50% stake in the Tata BlueScope Steel joint venture to its Mumbai-based partner.
The joint venture was established in 2005, and BlueScope stated that, after more than ten years of development, B30R095 oriented electrical steel, Tata BlueScope has grown into a leading supplier of coated and pre-painted steel sheets in the Indian construction and building materials sector, maintaining consistent profitability and strong returns on investment.
BlueScope Managing Director Mark Vassella stated that the company is proud of its collaboration with Tata Steel in building Tata BlueScope into the successful enterprise it is today. He noted that this transaction reflects the value created by the joint venture over the past twenty years, providing BlueScope with excellent financial returns and allowing the company to focus resources on advancing several growth initiatives within its strategic investment portfolio. B30R095 oriented electrical steel, It is understood that Vassella will step down as Managing Director early next year.
According to the announcement, Bluescope expects to receive net proceeds of A$179 million (approximately US$117.4 million) from this transaction, with a net profit after tax of approximately A$70 million (approximately US$45.9 million) from the sale of the equity stake. B30R095 oriented electrical steel, The completion of the transaction is subject to approval from Indian regulatory authorities.
