ISG signs agreement to acquire Georgetown Steel

ISG signs agreement to acquire Georgetown Steel

According to the statement released by International Steel Group (ISG), the company has recently signed an agreement to purchase assets of Georgetown Steel Company. The agreement, which is approved by the officials of ISG and Georgetown Steel Company, is now subject to approval of US Bankruptcy Court. ISG expects the acquisition to be completed in June. Meanwhile, negotiations with United Steelworkers of America (USWA) are ongoing. A high-carbon steel wire rod producer Georgetown Steel Company, located in Georgetown, South Carolina filed for bankruptcy protection in October 2003.