|Bid||0.000 x 50000000|
|Ask||0.000 x 2000000|
|Day's range||0.022 - 0.023|
|52-week range||0.022 - 0.023|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Britain's GFG Alliance has vowed to invest up to US$1.0 billion in Australian steelmaker Arrium after formalising its takeover of the cash-strapped firm Friday, even as the sector faces a global supply glut and soft demand growth. The alliance, owned by Britain's Gupta family, in July beat a Korean consortium to buy Arrium after it went into voluntary administration last year with bad debt and plunging commodity prices. GFG said there would be "major capital investments" across several sites, efforts to streamline the business, and more iron ore and steel exports.
London-based GFG Alliance has bought Australia's Arrium, the miner and steelmaking giant said Wednesday, ending a tussle with a Korean consortium over the company after it went into voluntary administration last year. The cash-strapped firm, formerly known as OneSteel when it was spun-off from BHP Billiton in 2000, had struggled with bad debt on the back of plunging commodity prices. "The administrators and sale advisers Morgan Stanley decided the GFG Alliance offer was superior to the conditional offer of the Korean consortium with whom we were negotiating," Arrium administrator Mark Mentha said in a statement.
Level 24 333 Collins Street Melbourne Vic 3000 GPO Box 2985 Melbourne Vic 3001 +61 3 8623 3333 email@example.com kordamentha.com 20 December 2016 ASX Announcement UPDATE ON THE ARRIUM GROUP COMPANIES ...