Feb 7 2003
Bethlehem Steel have agreed in principal to terms with International Steel Group (ISG) for the sale of substantially all of their assets.
The agreement is still subject to approval by the board, regulatory bodies such as the bankruptcy court and a handful of other requirements.
The proposed deal with ISG represents the best value achievable for Bethlehem Steel. It will allow their plants to remain in operation and the preservation of thousands of jobs as well as a seamless transition for customers.
The deal includes steel making facilities in Indiana, Maryland and Pennsylvania, as well as finishing operations in New York, Pennsylvania and Ohio and real estate of former Bethlehem operations in New York and Pennsylvania. They are also involved in a number of other joint ventures.
If approved, ISG will become the largest steel producer in North America with a capacity of 16 million tons.
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