Anglo American PLC (AAL.LN) has completed the sale of Moly-Cop and AltaSteel to Australia's OneSteel Ltd. (OST.AU) for cash proceeds of US$1.076 billion, the U.K.-listed miner said Tuesday, as part of its divestment program to focus on its core commodity assets.

The deal was announced Nov. 14 for a total consideration of US$932 million on a debt and cash free basis. The total cash proceeds amount includes the cash and debt in the business and certain adjustments, Anglo noted. Moly-Cop and AltaSteel were part of Anglo's larger Scaw Metals Group.

In October last year, Anglo American announced plans to focus on platinum, copper, nickel, coal and iron ore.

OneSteel is an Australia-based manufacturer and distributor of steel and finished steel products.

-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413; andrea.hotter@dowjones.com
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