Jan 7 2003
International Steel Group have announced that they have made a bid to acquire all the assets of Bethlehem Steel. If the deal is approved by Bethlehem Steel and goes ahead, the new company will become the largest integrated steel maker in Northern America.
The bid was put forward today, after the expiry of a 60 day exclusivity period. During this time, International Steel evaluated the merger possibility and performed due diligence.
While Bethlehem Steel have not yet been able to review the proposal as yet, they were positive about the possibilities and hope to be able to agree to terms with International Steel.
Should the deal proceed, the new company will have a capacity to ship 16 million tons annually. The proposed deal has also been structured so that there is a seamless continuity for the benefit of employees, customers and suppliers.
Meanwhile, Bethlehem have been making good progress since reorganising, and will continue pursuing that alternative until the merger with International Steel is decided upon.
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