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Arrium's Moly-Cop division sold for $1.23bln - report

Published 04/11/2016, 08:30 am
Updated 04/11/2016, 08:40 am
Arrium's Moly-Cop division sold for $1.23bln - report

SYDNEY, Nov 4 (Reuters) - Moly-Cop, a division of troubled Australian steelmaker Arrium, has been sold to U.S. private equity firm American Industrial Partners for $1.23 billion, The Australian Financial Review reported on Friday without saying where it got the information.

Reuters on Thursday reported a deal was expected within 24 hours, according to a source close to the matter. which makes steel balls to grind ore, operates mostly in the United States and Latin America, and had been excluded until now from Arrium's restructuring of its steel and iron ore mining businesses in Australia.

American Industrial Partners invests in industrial companies with operations in the United States and Canada.

A meeting of Arrium's creditors is scheduled for Friday in Sydney.

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