JMC Steel unveiled as the “strategic purchaser” of Lakeside Steel

Thursday, 26 January 2012 01:28:50 (GMT+3)   |  
       

Welland, Ontario-based Lakeside Steel announced Wednesday that the company will be acquired by Chicago, Illinois-based JMC Steel Group, Inc. in a deal that values Lakeside Steel at US$57.8 million. Lakeside announced in December 2011 that it was entering negotiations with an unnamed "strategic purchaser." JMC has agreed to purchase the shares at US$0.298 per share, which is about a 326 percent increase over the closing price of the shares when Lakeside first made the announcement of a potential buyer.

Similar articles

US and Canadian rig counts decline week-on-week

26 Apr | Steel News

Local Chinese steel pipe prices stable or up slightly

25 Apr | Tube and Pipe

Saudi Arabia’s Al Yamamah Steel begins production at newly expanded Jeddah pipe plant

25 Apr | Steel News

Japanese crude steel output up 2.9 percent in March from February

23 Apr | Steel News

US structural pipe and tube exports up 9.9 percent in February

22 Apr | Steel News

US rig count increases slightly while Canadian count plunges again

19 Apr | Steel News

US structural pipe and tube imports down 6.5 percent in February

19 Apr | Steel News

Local Chinese steel pipe prices fluctuate slightly or move sideways

19 Apr | Tube and Pipe

Turkey’s welded pipe exports up 26.3 percent in January-February

17 Apr | Steel News

Austria’s Benteler Steel/Tube to build HR seamless steel tubes threading facility in US

17 Apr | Steel News