Cargill said Sunday that it has reached an agreement to sell its interest in North Star BlueScope Steel LLC or NSBS to BlueScope Steel ( BLSFF ). BlueScope will pay $720 million in cash for Cargill's equity stake in NSBS and will assume $40 million of NSBS net debt.

NSBS is currently a 50-50 joint venture between Cargill and BlueScope. Since 1997, the joint venture has operated a steel mini-mill in Delta, Ohio, producing over 2 million tons of hot rolled steel coils annually. The joint venture is Cargill's lone remaining steel production investment, with the company having sold its North Star Steel unit in 2004.

Separately, through its Metals Supply Chain business, Cargill remains involved in the global trading, distribution and processing of steel mill consumables and products, including iron ore, hot rolled steel coils, steel billets and reinforcing bar (rebar) steel.

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