ISG hikes shares and price in initial public offering

ISG hikes shares and price in initial public offering

North American leading integrated steel producer International Steel Group, which started its initial public offering last week as reported in SteelOrbis, announced yesterday that they have increased number of shares up by 1.5 million to 16.5 million due to demand higher than expected. They also stated that the forecasted selling price for the shares rose to $25-$27 per share from $22-$24 for 15 million shares announced last week. Together with some experts commenting that public offering is not the best fit investment, it is also stressed that rising raw material prices and strengthening of US$ may injure the company in the long term. Besides, it is likely that ISG will need a material investment for keeping its facilities up to date. ISG which was formed in February 2002 by WL Ross&Co. LLC., had acquired Acme Steel Corp., LTV Corp. and Bethlehem Steel Corp.