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88娱乐城
Construction Industry News first revealed on June 15 that a sale of BlueScope鈥檚 North American insulated metal panels business was expected by June 30 but the deal was sealed eight days prior on June 22.
The sale of the business comes as welcome relief for the cash-strapped steel firm after earnings have been smashed by the high Australian dollar, low steel prices, strong raw material costs and softer demand.
The sale fetched $145 million with estimated net proceeds of $118 million after purchase price adjustments, tax and fees.
The funds will be used to pay down existing debt facilities exceeding $1 billion.
This article first appeared in ILN's sister publication ConstructionIndustryNews.net.
