Allegheny Technologies to buy J&L Specialty Steel

Allegheny Technologies to buy J&L Specialty Steel

Recent industry news in the market reports that Pittsburgh based Allegheny Technologies is in preparation of purchasing J&L Specialty Steel, a subsidiary of Arcelor. The completion of the transaction is reportedly conditioned on an agreement to be made with the union United Steel Workers of America (USWA), approval to be given by Allegheny Technologies' secured lenders and compromise to be reached on certain issues. In case, these conditions are provided, the sale is expected to be completed on May 3, 2004