Anglo sells steel units for $932m

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The mining giant Anglo American has agreed to sell its steel-grinding media unit to the Australian producer One Steel for US$932m (£580m).

The Sydney-based One Steel beat competition from foreign rivals to acquire Anglo American's grinding media and steel products businesses in North and South America, Moly-Cop and AltaSteel, including joint-venture interests in Australia and Canada. Steel media-grinding produces a variety of finishes. Anglo American said: "The sale represents further strategic progress."