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Arrium Sells Wire Ropes Business
Mining and materials company, Arrium has announced the sale of its Wire Ropes business based in Newcastle.

Spanning more than 90 years, the Wire Ropes business is a leading manufacturer of high performance ropes in Australia.

Today Arrium entered into an agreement for the sale with Belgium based company Bekaert, for A$90 million.

Arrium’s Managing Director and CEO, Mr Andrew Roberts said, “Wire Ropes is a quality business, however it lies outside our strategic focus for future growth in Mining Consumables.

“Our growth in Mining Consumables is centred on the global mineral processing industry, including capturing at least our share of the expected strong growth in grinding media demand.

”Our Moly-Cop grinding media business is well positioned to achieve this with leading market positions in key growth regions of the world including North America, South America and Australasia”.

The Wire Ropes business has strong leverage to the mineral extraction industry, particularly through its market leading drag line and shovel ropes.

This acquisition builds on Bekaert’s existing global position in wire ropes, Bekaert, is a worldwide technology and market leader in steel wire transformation and coatings.

“Today’s announced sale is consistent with our focus on reducing debt, and builds on our good progress with asset divestments.

”Arrium’s asset divestment proceeds for the 2014 Financial Year will increase to at least A$150 million following completion of this sale,” Mr Roberts said.

Arrium’s Wire Ropes business employs 100 people, with Bekaert offering all employees ongoing employment.

Bekaert and Arrium anticipate a deal closing in the first quarter of 2015.