American Steel producers US Steel and International Steel Group have signed a letter of intent to exchange assets.
Under the agreement, US Steel will exchange the assets of their plate business, including the plate mill at their Gary Works for the assets at ISG’s no. 2 pickle line. The pickle line is currently used exclusively for US Steel’s East Chicago Tin operation.
The deal is expected to close in the fourth quarter of 2003 and will allow US Steel to concentrate on its core business, with plate products making up only 3% of their domestic steel shipments.
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