Mar 14 2003
International Steel Group (ISG) have signed an asset purchase agreement to acquire substantially all of the assets of bankrupt Bethlehem Steel.
The agreement which was agreed to in principle in early February, covers all of Bethlehem’s steel making and finishing operations, joint ventures and surplus inventory.
ISG plan to keep the Bethlehem assets running as an integral part of the domestic steel market. Such is their commitment, that ISG have forged a strong relationship with the United Steelworkers of America which is said to revolutionise how workers are compensated for their contributions to the success of their company.
The APA was signed yesterday and should enable a smooth transition for everyone involved with Bethlehem Steel. Closing of the deal is subject to approval by the Federal Bankruptcy Court and higher bids, of which none are apparent.
When complete, ISG will be the largest US steel manufacturer, with capacity to ship 16 million tonnes of steel.
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