International Steel Group Inc. buys Acme Steel assets
As per the latest reports from the industry Acme Steel Co. located in Riverdale is going to be taken over by the International Steel Group Inc. (ISG). Acme Steel Co. filed for Chapter 11 bankruptcy protection in September 1998 and now that the U.S. Bankruptcy Court approved ISG's takeover of the company's
steelmaking assets against $65 million. The plant has a caster and hot strip mill.
International Steel Group Inc. is a steel company created by New York investment firm W.L.Ross & Co. LLC to operate mills formerly owned by LTV Corporation, in April. ISG, basicly located in Cleveland, operating integrated flat rolled steel plants in Cleveland, Chicago and a finishing plant in Hennepin Ill., plans to start operating the plant at the beginning of next year.
President and CEO of ISG stated that they are familiar with operating the type of facility they are taking over from Acme Steel Inc. .They believe that this purchase will widen their range of products and market scope into the marketing of niche-premium priced products. Another positive aspect of this takeover is called to be bringing approximately 250 workers back to work.