Smorgon broken up

SHAREHOLDERS in Smorgon Steel Group ended an era in Australian steel production last month when they voted to support their company's break-up.

SHAREHOLDERS in Smorgon Steel Group ended an era in Australian steel production last month when they voted to support their company’s break-up.

Under the break-up arrangement, BlueScope will acquire Smorgon’s distribution business for about $700m and OneSteel will pick up the rest of Smorgon’s assets for $1.1bn.