Troubled US steel manufacturer, Birmingham Steel could merge with one of a number of companies in the near future it has been revealed.
One contender is competitor Nucor who offered US$500 million for the company back in February. Although this offer was considered inadequate by Birmingham Steel, Nucor are considering increasing their initial offer.
Steel Dynamics Inc and Commercial Metals Co are have also expressed interest in Birmingham Steel. Brazilian steel manufacturer Gerdau initially expressed interest but has pulled out due to financial restraints.
With debts of approximately US$550 million, pressure is being put on Birmingham Steel to merge or restructure in the very near future by lenders.
For more information on steel manufacture, click here.
Posted May, 2002