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BlueScope Steel Exits Castrip Joint Venture
08/23/2016 - Australia’s BlueScope Steel Ltd. has divested its stake in Castrip LLC, its thin strip casting technology joint venture, for US$20 million, the steelmaker disclosed on Monday.
In announcing its fiscal 2016 earnings, BlueScope said it sold its 47.5 percent interest in the business to partner Nucor Corp. on 8 July. Japan’s IHI Ltd. also has a share in the joint venture.
A BlueScope spokesman did not respond to a request for comment, but the company said in an earnings presentation that the investment was costing it AU$3 million to AU$4 million annually in recent years.
In a statement, Castrip president Frank Fisher Jr. said, “We remain confident that the Castrip process will help us continue to diversify Nucor’s product offerings with the ability to make unique grades that cannot be produced economically with conventional processes.”
A BlueScope spokesman did not respond to a request for comment, but the company said in an earnings presentation that the investment was costing it AU$3 million to AU$4 million annually in recent years.
In a statement, Castrip president Frank Fisher Jr. said, “We remain confident that the Castrip process will help us continue to diversify Nucor’s product offerings with the ability to make unique grades that cannot be produced economically with conventional processes.”
