Cargill, the world’s biggest agricultural trading company, has agreed to sell its US steel fabrication centres as it continues to shuffle its sprawling portfolio in search of better returns.
Steel centers take bulk metal from steel mills and process it into shapes for use by industry. Cargill is selling its eight centers in states from Florida to Colorado to Metal One of Japan, the companies said Monday. Terms of the deal were not disclosed.
“This acquisition will be a great strategic fit with our current asset base in North America,” said Shuichi Iwata, chief executive of Metal One, a venture of the Mitsubishi and Sojitz companies.
Cargill, based in Minneapolis, has aggressively reshaped its holdings, intensifying its focusing on food and agricultural supplies. In fiscal 2016 it exited the steel mill business with the sale of its stake in North Star BlueScope Steel.
David Dines, president of Cargill metals and shipping, said the company would continue to be active in global ferrous metals markets, “offering tailored physical supply and financial solutions in iron ore and steel through our business in the Asia Pacific region.” |
WeChat