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

Slater Steel Reviewing $13m Offer for Their Hamilton Steel Bar Unit

Mar 4 2004

Bankrupt US steel manufacturer Slater Steel announced they had received an offer for their Hamilton steel bar unit.

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The offer as it stands, from Delaware Street Capital includes US$13 million in cash, as well as the assumption of US$15 million in pension obligations and US$9 million in medical expenses. Therefore the offer, should Slater Steel accept it, would not only enable them to pay back some of their debt, but would also allow them to offload pension and medical benefit obligations. However, a final price has not yet been decided.

Delaware have already formed an agreement with the steelworkers union that will see 224 of Hamilton’s 350 unionised staff keep their jobs, should they be successful in acquiring the plant.

Slater Steel have until Thursday 2pm to accept the offer.

For more information on steel manufacture, click here.

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