Anglo offloads Scaw for $440m

■ Miner Anglo American yesterday said it has sold the South African arm of steelmaker Scaw Metals for $440m (£272m) to an investment consortium in a long-awaited deal, bringing proceeds from its drive to divest non-core assets to $3.7bn over two years.

The sale is to a group led by South Africa's government-owned Industrial Development Corporation (IDC) and including a consortium of black economic empowerment (BEE) investors, and virtually completes Anglo’s 2009 divestment plan.