Fletcher to sell Pacific Steel for $120M to NZ Steel owner, Bluescope

Sun, 16 Feb 2014

Feb. 17 (BusinessDesk) – BlueScope Steel, Australia’s largest steelmaker and owner of the New Zealand Steel mill, has agreed to buy assets of Fletcher Building’s Pacific Steel in a $120 million deal that will lead to the closure of Fletcher’s steel mill at Otahuhu at the end of 2015. The transaction will leave BlueScope as the nation’s only steelmaker and requires approval from the Commerce Commission. The companies are aiming to complete the transaction in mid-2014. Melbourne-based BlueScope will pay $60 million for Pacific Steel’s long-pro...

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