BlueScope Steel has agreed to sell its iron sands business in New Zealand to Taharoa Mining Investments, a company owned by local landowners.
The steel maker says it will make a cash contribution of NZD51 million ($A47 million) and reduce net debt by NZD25.5 million ($A23.4 million), while the acquirer will take over all liabilities associated with the business.
BlueScope has been looking to sell the iron sands exports business - whose product is used as low-cost steelmaking feedstock - for some time to focus on its core premium branded steel business.
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