In December 2011, the company announced it had entered into an agreement with MRC to sell its Piping Systems business for $67 million, which, together with the sale of related property investments, is expected to result in total proceeds for OneSteel of approximately $100 million.
OneSteel Piping Systems (OPS) now operates as MRC Piping Systems Australia. The sale process for the related properties is continuing.
MRC Chairman, President and Chief Executive Officer Andrew Lane said “We are pleased and excited to have completed the acquisition of OPS. With the acquisition of OPS, MRC is now the largest distributor of pipes, valves and fittings in Australia in the markets we serve, with the largest full-line product offering including carbon steel, stainless steel and alloy pipe, valves, fittings and flanges to serve customers throughout Australia in the oil and gas, mining and mineral processing industries.”