Dofasco completes Copperweld acquisition

Dofasco completes Copperweld acquisition

Canadian steelmaker Dofasco Inc. successfully completed the acquisition of certain assets of Pittburgh-based Copperweld Holding Company through a transaction with Atlas Tube Inc., according to a Dofasco company release. As previously reported by SteelOrbis, the transaction was originally announced on August 17, 2005. Dofasco purchased the assets of Copperweld's mechanical tubing and automotive components businesses from Atlas for $177.8 million, just after the acquisition of Copperweld Holding Company by Atlas. "We've bought a successful business and we now intend to leverage our combined strengths to expand our product range in the automotive market and to grow in non-automotive niche markets for tubular products", said Don Pether, Dofasco's President and Chief Executive Officer. Bill Chisholm, President of Dofasco's Tubular Products Division added, "It is tremendous to see the cooperative effort being made by the team of people from both Dofasco and Copperweld. We look forward to the full integration of the Copperweld facilities with Dofasco's existing tubular business."