ASI sustaining member, BlueScope Steel has acquired Smorgon Steel’s metal distribution business (Smorgon Steel Distribution) for an enterprise value of A$700 million following the Supreme Court’s approval of the Smorgon Steel Scheme of Arrangement.

As part of the transaction, BlueScope Steel has sold its 19.9% stake in Smorgon Steel to OneSteel. The Smorgon Steel Distribution businesses, including Metalcorp Steel, Metalcorp Manufacturing and Impact Steel and Pipeline Supplies, will continue to trade under their existing names. The sale of Smorgon Steel Distribution to BlueScope Steel was approved by the Australian Competition and Consumer Commission (“ACCC”) in early June.