Hammond, Indiana-based Optima Specialty Steel, Inc. today announced that it has satisfied the conditions to affect its plan of reorganization, which was confirmed by the US Bankruptcy Court for the District of Delaware on October 16, 2017, and has emerged from bankruptcy. The plan was sponsored by DDJ Capital Management, LLC, investment manager to the company’s largest creditor constituency.
In conjunction with its emergence from bankruptcy, the company has changed its name to Specialty Steel Works Incorporated (SSWI). The company will continue to provide broad specialty product offerings through its four wholly-owned subsidiaries, Michigan Seamless Tube & Pipe, Niagara LaSalle Corporation, Corey Steel Company, and Kentucky Electric Steel.
The company also announced the appointment of Joel Hawthorne as Chief Executive Officer. Hawthorne brings over 30 years of industry experience to his role at the Company, most recently having served as President and CEO of GrafTech International. During his 18-year career at GrafTech he held multiple executive positions, including serving as a member of the board. Prior to joining GrafTech, Hawthorne gained extensive steel industry experience in financial and strategic planning roles at LTV Corporation and Acme Metals Incorporated.