MELBOURNE: Australian steelmaker BlueScope announced Thursday it has agreed to sell its 50% stake in the Tata BlueScope Steel (TBSL) joint venture to its partner, Tata Steel.
The companies formed TBSL in 2005, building it into a leading supplier of coated and painted steel products for India’s building and construction sectors. In a statement, BlueScope Managing Director and CEO Mark Vassella said the company was “proud to have partnered with Tata Steel to build TBSL into the successful business it is today.”
The sale, Vassella said, “recognizes the value created over two decades, and delivers a strong financial outcome for BlueScope.” He added that the move would allow the company to sharpen its focus on other growth investments within its strategic portfolio.
The transaction is expected to be completed in the second half of the 2026 financial year, pending regulatory approvals in India. BlueScope anticipates net proceeds of $179 million after taxes and fees, with an estimated net profit after tax on the sale of $70 million.
