J&L Specialty searching for potential buyers
Luxembourg based Arcelor's spokesman confirmed that they are in search for potential buyers for J&L Specialty Steel Inc, their North American branch of
stainless steel operations. It is reported that an investment banking firm named Houlihan Lokey is charged for the search.
The closure plans for J&L Specialty's facilities in Louisville and Midland, including the meltshop in the latter, hinted last month due to the unfavorable specialty steel market in US are now removed from the agenda upon this development.
North American integrated steel producer International Steel Group (ISG) and flat steel producer AK Steel are considered to be among potential buyers, however spokesmen of both companies could not be reached.
J&L Specialty which was taken over by Usinor in 1998, has around 900 employees in Midland, Louisville and Corapolis, almost half of which works in Midland.