New South Wales-based Wire Ropes business produces drag line and shovel ropes for mineral extraction industry. The business has a workforce of around 100.
The sale is part of Arrium’s strategy to focus on reducing its debt amid weak iron ore prices.
Arrium managing director and CEO Andrew Roberts said: "Wire Ropes is a quality business, however it lies outside our strategic focus for future growth in mining consumables."
"Our growth in Mining Consumables is centered on the global mineral processing industry, including capturing at least our share of the expected strong growth in grinding media demand.
"Our Moly-Cop grinding media business is well positioned to achieve this with leading market positions in key growth regions of the world including North America, South America and Australasia."
The transaction is expected to be concluded by end of the March quarter.
The sale comes after the company announced plans to cut 600 jobs at its Cooper Pedy iron ore operations last week due to a drop in commodity prices.
