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

Local Chinese steel pipe prices mostly decline

28 Mar | Tube and Pipe

US OCTG exports up 26.8 percent in January

27 Mar | Steel News

India’s VSTL setting up greenfield steel pipe making unit in Odisha

27 Mar | Steel News

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

India’s Welspun secures $62 million steel pipe supply contract in Saudi Arabia

26 Mar | Steel News

Some EU flat steel import quotas about to be exhausted near end of period

26 Mar | Steel News

Canada initiates review on line pipe from S. Korea

25 Mar | Steel News

India’s Welspun and Saudi Arabia’s Aramco terminate steel pipe supply contract

25 Mar | Steel News

US and Canadian rig counts both decline week-on-week

22 Mar | Steel News

US structural pipe and tube exports down 41.7 percent in January

22 Mar | Steel News