ISG proceeds in Bethlehem Steel acquisition

ISG proceeds in Bethlehem Steel acquisition

Chairman Robert S. Miller released an announcement to clarify the situation with regard to the expected rival bids to be submitted for the takeover of bankrupt Bethlehem Steel's substantially all assets. In the announcement Miller confirmed having received interest in bidding for an asset purchase agreement from two parties, in addition to the existing offer from International Steel Group (ISG) however stated that no qualified bids were received. Based on this fact, no auction will be held for Bethlehem Steel acquisition as ISG stands as the only qualified bidder, and the hearing to take place on April 22 for the Bankruptcy Court to approve the bid will be the next step of the sales procedure. The company has no intention to delay the sale with the concern of avoiding any risk of disruption of operations. The sale to ISG is expected to complete in the coming couple of weeks. Cleveland based ISG was formed last year by WL Ross & Co. LLC to create value through the profitable operation of globally competitive steel plants and previously took over another bankrupt steel maker, LTV Steel Corp.