The steelmaking material slid as much as 3.5% to touch $99.85 in Singapore, with futures on track for a third day of losses.
The joint venture was producing and selling cold-rolled steel sheets and hot-dip galvanized steel sheets for automotive use in China.
The move follows the sale of the Nickel King property, highlighting the company's focus on advancing the South Crofty tin project in the UK.
Usmar has more than 30 years of industry experience, with his latest role as founder and CEO of Triple Flag Precious Metals.
