ALJ to sell Kentucky Electrical Steel to Optima Specialty Steel

Wednesday, 21 November 2012 01:14:09 (GMT+3)   |   San Diego
       

Optima Specialty Steel, Inc., a portfolio company of Optima Acquisitions, LLC, and ALJ Regional Holdings, Inc. both announced Monday that they have entered into a definitive merger agreement whereby Optima will acquire 100 percent of KES Acquisition Company dba Kentucky Electric Steel (KES). KES is a value-added manufacturer of Special Bar Quality and Merchant Bar Quality flat steel products. KES has been a supplier to Optima Specialty Steel and contributes to Optima Specialty Steel's long-term strategy alongside its current wholly-owned subsidiaries Niagara LaSalle Corporation and Michigan Seamless Tube, LLC. Niagara LaSalle is a specialty steel processor and is North America's largest independent manufacturer of high quality engineered cold finished steel bars. MST is a specialty steel processor and a leading independent manufacturer of value-added precision-tolerance, cold drawn seamless tubes.

The transaction is subject, among other conditions, to an ALJ shareholder vote, obtaining necessary regulatory approvals and arrangement of financing by Optima. The transaction is expected to close in December 2012.

Additionally, ALJ announced that, in connection with the merger, it is launching a self-tender offer to use approximately 50 percent of its expected cash immediately following closing of the merger to acquire up to approximately 50 percent of its outstanding common stock.


Similar articles

Local Turkish merchant bar prices mostly stable in local currency

26 Mar | Longs and Billet

US merchant bar imports up 33.8 percent in January

22 Mar | Steel News

Iskenderun-based Turkish mill revises merchant bar prices

22 Mar | Longs and Billet

Ex-Turkey official merchant bar prices stable

22 Mar | Longs and Billet

Turkish domestic dollar-based merchant bar prices soften

19 Mar | Longs and Billet

China’s steel bar exports total 1.63 million mt in Jan-Feb, down 6.6%

19 Mar | Steel News

Turkish official merchant bar export prices soften

15 Mar | Longs and Billet

Local Turkish merchant bar prices revised to offset currency fluctuations

13 Mar | Longs and Billet

Turkey exhausts its merchant bar import quota for UK

13 Mar | Steel News

Turkey’s Kardemir issues its merchant bar prices

12 Mar | Longs and Billet