Posted in | News | Ferrous Alloys and Metals | Iron and Steel

Samuel Manu-Tech Completes Sale to U.S. Steel Giant

Aug 31 2008

Samuel Manu-Tech Inc. ("Samuel") announced the completion of the sale of its Nanticoke, Ontario steel pickling operations to U.S. Steel Canada for $37.5 million, subject to normal closing adjustments.

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Further to the Company's July 30, 2008 press release, "The Company remains committed to servicing the Southern Ontario marketplace through its pickling and slitting operations in Stoney Creek," commented Samuel Manu-Tech's Chairman and Chief Executive Officer, Mark Samuel. "However, the sale of the Nanticoke assets also recognizes the Company's desire to reallocate capital into higher growth areas," he added.

The all cash transaction will result in the recognition of a gain of approximately $9.6 million net of pension wind-up, severance and other related costs. All proceeds will be used to repay a portion of the Company's existing revolving term loan credit facilities.

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