Arab Today, arab today australia\s bluescope in tieup with nippon steel
Last Updated : GMT 12:02:44
Arab Today, arab today
Arab Today, arab today

Australia\'s BlueScope in tie-up with Nippon Steel

Arab Today, arab today

Arab Today, arab today Australia\'s BlueScope in tie-up with Nippon Steel

Sydney - AFP

Australia\'s struggling BlueScope Steel on Monday announced a $1.36 billion joint venture with Japan\'s Nippon Steel in a bid to tap new markets and help ease concerns over its balance sheet. The 50-50 joint venture, NS BlueScope Coated Products, will see Nippon Steel acquire half of BlueScope\'s interest in its Southeast Asian and North American building products businesses. Bluescope said the venture would generate around US$540 million in net proceeds, sending its share price soaring by nearly 50 percent, before settling back to Aus$0.36, up 38 percent by mid-afternoon. The news was a shot in the arm for the Australian steelmaker which posted a net loss of Aus$530 million for the first half of last year. Last August it revealed a Aus$1.05 billion full year loss and announced it would cut more than 1,000 jobs and shut down its Australian export business as it struggles to cope with a soaring Australian dollar. It said the US$1.36 billion tie-up would help \"capture expected growth in the $40 billion per annum building and construction sector\" \"We chose to partner with NSC because it is one of the world\'s largest and most innovative steel companies,\" added Bluescope chief executive Paul O\'Malley. Nippon Steel president Shoji Muneoka said his company was \"delighted\". \"The global building products business has strong momentum and is well positioned to benefit from future growth throughout Asia and the US,\" he said. \"We look forward to working closely with BlueScope to expand the product and customer base to grow earnings and maximise value for both parties.\" The new venture will be headquartered in Singapore and does not include BlueScope\'s building products businesses in Australia, China and India.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australia\s bluescope in tieup with nippon steel Arab Today, arab today australia\s bluescope in tieup with nippon steel

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australia\s bluescope in tieup with nippon steel Arab Today, arab today australia\s bluescope in tieup with nippon steel

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday