Recent Events
In June 2006, an agreement was announced under which OneSteel would buy out scrap metal company Smorgon Steel for $USD 1.2 billion. However, concerns by the Australian competition regulator, the Australian Competition and Consumer Commission (ACCC) resulted in significant delays in this process, as did concerns from Australian construction industry trade unions regarding possible job losses from the merger of the two operations. The merger was completed in August 2007.
On 15 February 2008 it was announced that one of the bar mills in the Hunter Valley, and the mill in Melbourne, would be closed.
On 15 November 2010 OneSteel agreed to acquire two companies, Chile-based forged steel grinding balls producer Moly-Cop, and Canada-based AltaSteel, a producer of ball stock for forged grinding balls, for a total of $932 million.
On 22 December 2011 OneSteel sold its Piping Systems business, and associated property investments, to U.S.-based McJunkin Red Man Holdingfor a total of $100m.
On the 6th of October 2011 OneSteel completed the acquisition of WPG Resources Iron Ore Assets for an estimated A$320 million
On the 2nd of July 2012 OneSteel officially became Arrium Limited.
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Famous quotes containing the word events:
“There are events which are so great that if a writer has participated in them his obligation is to write truly rather than assume the presumption of altering them with invention.”
—Ernest Hemingway (1899–1961)
“The return of the asymmetrical Saturday was one of those small events that were interior, local, almost civic and which, in tranquil lives and closed societies, create a sort of national bond and become the favorite theme of conversation, of jokes and of stories exaggerated with pleasure: it would have been a ready- made seed for a legendary cycle, had any of us leanings toward the epic.”
—Marcel Proust (1871–1922)