ADF is going to sell Owen Steel
Canadian steel producer ADF Group Inc. is going to sell Columbia based Owen Steel Co. as a part of its short term debt restructuring. ADF acquired Owen Steel from US steel maker Commercial Metals Co. for $20.3 million in March 2002. During the fiscal year ended January 31, 2003, the company posted a net loss of C$129 million and also reported a net loss of C$ 1.6 million in the first quarter of 2003 due to company's bank indebtedness and long term debt.