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News: Arrium sells wire ropes business

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    Arrium Limited (ASX:ARI) will sell its wire ropes business to a Belgium based company for $90 million. 
     
    The mining and materials company says that while wire ropes is a quality business, it wants to focus on future growth in mining consumables.
     
    CEO Andrew Roberts says growth will be centred on capturing a share of demand in grinding media and the Moly-Cop grinding media business is well positioned for this. 
     
    The move is inline with the company’s debt reduction efforts and the company says asset divestments will increase to at least $150 million on completion of the sale. 
     
    Arrium reported a net profit of $206.6 million in the 2014 financial year. 
 
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