ISG buys Bethlehem Steel assets

ISG buys Bethlehem Steel assets

International Steel Group (ISG) has completed the acquisition of Bethlehem Steel which has been under Chapter 11 bankruptcy court protection since October 2001. ISG's offer of $1.5 billion was accepted by Betlehem Steel authorities previously. This acquisition is ISG's third since its foundation by the WL Ross & Co. LLC in February 2002. The previously acquired steel operations are Acme Steel and LTV Steel. ISG began the transition process over 6 weeks ago with the installation of a Transition Management Team which is maintaining continuity of operation at the Bethlehem facilities and the satisfaction of customer requirements. Bethlehem Steel assets are located at Sparrows Point, Burns Harbor, Lackawanna, Steelton, Conshohocken and Coastesville. ISG is now a lead producer to North American steel industry of producing flat rolled steel including hot rolled, cold rolled, coated, and tin plate products. Thus, ISG has become North America's largest steel producer with annual steel shipments expected to exceed 16 million tons. ISG operates integrated flat rolled steel plants in Cleveland and East Chicago and will construct a plant in Hennepin. ISG also has a coke plant in Warren, Ohio.Furthermore, the company has acquired Riverdale which is based Acme Steel's caster and hot strip mill.