Mar 11 2002
Birmingham Steel have just completed the sale of their steel and bar facility in Cleveland, Ohio. The plant had been idle since July 2001 and will reduce debt by $21 million and eliminate ongoing costs of $500000 per month in carrying costs.
The plant was sold to Charter Steel, a subsidiary of Charter Manufacturing Inc.
This is the second such sale undertaken by Birmingham Steel in an effort to reduce debt. The first involved the sale of a mini mill in Cartersville, Georgia, reducing debt by $90 million and eliminating operating losses.