Delay in completion of J&L takeover by ATI

Delay in completion of J&L takeover by ATI

According to recent reports from the industry Allegheny Technologies Inc. (ATI) delayed date of completion of J&L Specialty Steel takeover by its subsidiary ATI Allegheny Ludlum by almost one month. This postponement will give a term to reach a new collective bargaining agreement with United Steelworkers of America (USWA), members of which cover employees at both Allegheny Ludlum and J&L. As previously reported by SteelOrbis, the takeover was initially scheduled to complete on May 3. ATI announced that a tentative agreement with the USWA is expected to be made tomorrow and that the takeover to close on June 1, 2004 latest.