Each share will be sold at NZ$2.05 ($1.68) and enable the company to reduce a debt of A$2.14bn ($2.18bn) besides helping the company focus on the mining business.

Arrium’s shares in the New Zealand-based steel and allied products company will be sold to several investors with the sale to be assisted by a company appointed underwriter.

Arrium MD and CEO Geoff Plummer commented that the sale is contiguous to an ongoing review of the company’s steel footprint and product portfolio.

"The A$73.4 million gross proceeds from today’s announced sale builds on approximately $120 million received to date from business and asset sales under the review, and we are continuing to progress further opportunities mainly related to our non-integrated steel business.

"The sale of our shareholding reflects our strategy to focus on growing our Mining and Mining Consumables businesses," added Plummer.