Anglo to sell Scaw Metals and focus on mining Bloomberg Published: 2009/10/22 09:49:31 AM
Anglo American Plc, the owner of stakes in the world’s biggest diamond and platinum producers, said it’s removing a layer of management and will sell off assets including the Scaw Metals steel unit to focus on mining.
Anglo will also sell Catalao, its producer of niobium, a rare metal, the Copebras fertilizer unit and its portfolio of zinc assets, the London-based company said today in a statement.
The company also said it’s reorganizing into seven units, whose chief executive officers and group directors will report directly to Anglo CEO Cynthia Carroll. The coal unit’s CEO Ian Cockerill, and executives Philip Baum and Russell King left the company, Anglo spokesman Pranill Ramchander said by phone.
Carroll is planning to expand production with projects including the Minas-Rio iron ore mine in Brazil. Over the last three years, Anglo has sold what it considered non-core assets, including its stake in AngloGold Ashanti Ltd., Highveld Steel and Vanadium Corp. Ltd. and Tongaat-Hulett Ltd.