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NLMK-Duferco, Esmark to Acquire Winner Steel
- March 13, 2007
- News Release
- Metals/Materials
Novolipetsk Steel (NLMK) and Duferco Group have announced that Duferco U.S. Investment Corp. and Esmark have formed a consortium to purchase the assets of Winner Steel, based in Pennsylvania. Currently the consortium has entered into a letter of intent with Winner Steel, which is subject to negotiation and execution of a definitive asset purchase agreement and other conditions.
Duferco U.S. Investment Corp. is a wholly-owned subsidiary of Steel Invest & Finance S.A. (Luxembourg), a 50/50 joint venture between Duferco Group and Novolipetsk Steel. Winner Steel is one of the largest independent galvanized steel producers in the United States. Its operations are located on a single site in Pennsylvania and include three galvanizing lines with combined annual capacity of around 1.2 million tons.
The transaction, which is subject to the negotiation and execution of a definitive agreement and competition and other approvals, is expected to be completed in the second quarter of 2007.
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