ISG to acquire Georgetown Steel Co.
International Steel Group Inc. (ISG) has signed a definitive agreement to acquire the assets of the Georgetown Steel Co. facility in Georgetown, S.C., subject to customary closing adjustments and approval by the U.S. Bankruptcy Court. The boards of directors of both companies have approved the agreement.
ISG expects the acquisition to close in June. The company plans to restart operations at the plant in the third quarter of 2004. Initial discussions are taking place with the United Steelworkers of America regarding a labor contract and plant staffing.
Georgetown Steel, a manufacturer of high-carbon steel wire rod products, filed for Chapter 11 bankruptcy in October 2003 and ceased production.