Lenders consent takeover of J&L Specialty Steel

Lenders consent takeover of J&L Specialty Steel

According to the statement released from Allegheny Technologies Incorporated, lenders gave consent to purchase of assets of J&L Specialty Steel by Allegheny Ludlum, a wholly owned subsidiary of Allegheny Technologies Incorporation. The consent of the lenders is a part of Asset Purchase Agreement dated on February 16, 2004. As previously reported by SteelOrbis, the transaction is expected to be completed on May 3, 2004 depending on certain terms.