Scaw Metals in deal to buy Stelco's AltaSteel

Dec 02, 2005 | 11:23 AM | Steve Swindells

South African steel processor Scaw Metals Group has agreed to acquire Stelco Inc. subsidiary AltaSteel Ltd., Edmonton, Alberta.

"The deal is subject to court process . . . but we are committed to adding value to the steel we produce, and AltaSteel is consistent with that strategy," Anthony Harris, chairman of Gauteng-based Scaw Metals, said Friday. He declined to provide the value of the deal, which is expected to be completed early next year.

The sale is the latest step in Stelco's efforts to restructure. It follows an earlier deal by Stelco to sell three other subsidiaries to Mittal Steel Canada Inc. (AMM, Nov. 29).....

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