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Anglo American Offloads More Assets

Published on November 15, 2010 at 6:08 PM

By Cameron Chai

Anglo American has made £589 million from the sale of two steel processing plants. This is part of a series of sales that it is initiating to reduce businesses which are not essential to its growth. The two steel plants sold to the Australian company One Steel are located in Chile and Canada.

The two plants manufacture metal discs that are used in digging machinery that crush rocks underground and steel rocks. The sale of non core assets was begun last year by Chief Executive Cynthia Carroll.

The big sell off is likely to mark another transformation in the company which successfully rejected a merger approach by rival Xstrata last year. The company has raised $2 billion so far by selling off businesses which are not essential to the core functioning of the company.

Besides the two steel plants it has also sold for $1.3 billion its zinc portfolio in Moly – Copa and AltaSteel. It is also going to sell to Vedanta Resources zinc mines located in South Africa, Namibia and Ireland for about £822.

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