BHP Billiton to Demerge BHP Steel

BHP Billiton has taken another step towards its goal of concentrating on minerals and petroleum by announcing that they will demerge BHP Steel.

The demerger will involve the offering of no less than 54 million shares at a price between A$2.60 and A$3.30, which could net BHP Billiton in excess of A$178 million. The final share price is expected to be announced by July 15.

This move is in line with BHP Billiton’s strategy, and will offer BHP Steel the opportunity to be independent and expand at their own rate.

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