Coated Products Joint Venture: Aug 2012
On 13 August 2012 BlueScope agreed with Nippon Steel & Sumitomo Metal Corporation of Japan to form a new joint venture encompassing BlueScope's ASEAN and North American building products business. The transaction was completed on 28 March 2013.
The new 50:50 joint venture, called NS BlueScope Coated Products, provides a strong platform to capture expected growth in the $40 billion per annum building and construction sector in ASEAN and North America. The JV will facilitate entry into new markets not currently accessible to BlueScope.
NSSMC's investment recognised an agreed enterprise valuation for the JV of US$1.36 billion. BlueScope received approximately US$540 million in net proceeds through NSSMC's 50% acquisition of BlueScope's interest in the businesses.
The proceeds received from NSSMC afford BlueScope further financial flexibility and balance sheet strength to continue to grow businesses delivering strong returns.
On 28 March 2013, BlueScope and NSSMC announced that the joint venture transaction had been completed. BlueScope's announcement is available below:
Documents relating to the 13 August 2012 announcement, including an update on FY2012 financial results, can be viewed by selecting the links below:
An archive of an investor webcast that occurred at 10:15am on Monday 13 August 2012 is available via the following link: