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Metals USA to Sell Off 11 Business Units

Metals USA which filed for Chapter 11 reorganisation under the US Bankruptcy Code in November 2001 announced that it would be selling off 11 business units that did not form part of its core business. These follows on from another four divestments that the company has already made.

The three core business units remain in tact and represent the focus for future growth and success, based on high value added customer service.

Sales of the non-core business units will also help to reduce debt by an estimated US$100-120 million. This is in addition to a drop from a high of US$375 million last year, to US$250 million recorded in March.

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