Fletcher Building to sell Pacificc Steel

Fletcher Building has entered into a conditional agreement to sell the downstream long-products rolling and marketing operations of Pacific Steel Group (Pacific Steel) to BlueScope Steel Limited (BlueScope).

The transaction is valued at approximately NZ$120 million and the sale includes Pacific Steel’s rolling mill and wire drawing facilities in Otahuhu together with its Fijian rolling mill.

The transaction is conditional upon Commerce Commission clearance. Assuming all conditions are satisfied, the transaction will be completed by 30 June.