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Dofasco to acquire Copperweld businesses

Dofasco Inc., Hamilton, Ont., today announced that it has signed an agreement to acquire certain assets currently owned by Copperweld Holding Company of Pittsburgh, Pennsylvania through a transaction with Atlas Tube Inc. of Harrow, Ont. These assets are used in the manufacture of specialized tubular steel products for niche mechanical and automotive market applications.

Atlas will acquire the shares of Copperweld Holding Company. Upon the closing of this transaction, Dofasco will immediately purchase from Atlas assets related to Copperweld's mechanical tubing and automotive components businesses for a total consideration of $US177.8 million, subject to closing adjustments. These assets include manufacturing facilities in Woodstock, Brantford, London, Brampton and Mississauga, Ont., as well as Shelby, Ohio, and Elizabethtown, Ky. The closing of the transaction is subject to customary conditions and regulatory approvals, and is expected to occur in the fourth quarter of 2005.

The Copperweld businesses will be integrated with Dofasco's existing tubular steel business.