Arrium may sell part of Newcastle mill site

Arrium may sell part of its Newcastle steel mill site and lease it back. Such a move could raise as much as $100m for the company.

According to the Newcastle Herald, the company has no plans to close any of its facilities in the Newcastle suburb of Mayfield. If it were to sell any of the property it would lease it back and continue to operate.

According to Richard Downie of the Australian Workers Union, currently more than 1500 people are employed at the various Mayfield mills.

Correction – an earlier version of this story incorrectly stated that the potential sale of the Arrium site was part of the company’s current $754m capital raising efforts. A potential sale and the capital raising are actually unrelated. – editor.

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