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BRIEF-Australia's Arrium sells stake in NZ's Steel & Tube

Oct 9 (Reuters) - Arrium Ltd :

* Sale of shareholding in steel & tube

* Says has appointed an investment bank to underwrite and manage the sale of

its steel & tube shares at a fixed price of NZ$2.05 per share

* Says gross proceeds of the sale are approximately NZ$91.2 million (A$73.4

million)

* Says gross proceeds will be used to reduce arrium's debt and gearing levels

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