Corus plans to sell the bulk of its north American business after several years of disappointing profits from the region. The lossmaking Anglo-Dutch steelmaker plans to offload its North American distribution business by the first quarter of next year in order to help reduce debt and finance the group's UK restructuring.
Analysts said Corus would probably raise between $50m and $100m from the sale of the businesses, which comprise two service centre companies Corus Coil Products and Corus Metals, as well as Corus Metals Profiles, a maker of light framing products for the construction sector. Corus has appointed Lehman Brothers to advise on the disposals.
