| Business News | Wednesday October 10 2012 12:20
Australian mining and materials group Arrium Limited is selling its 50.3 percent stake in New Zealand's Steel & Tube Holdings Limited.
Arrium says the shares will be sold at a a fixed price of $2.05.
It expects they'll be bought by a broad range of institutional and retail investors.
Steel & Tube Chief Executive Officer, Dave Taylor says this is a positive development providing greater liquidity for the distributor of steel and related products company shares.
He says the company will continue its strong relationship with Arrium as it's a key supplier.