Roanoke Electric Steel sells rebar assets
US steel producer Roanoke Electric Steel announced that its subsidiary RESCO Steel Products Corp sold its reinforcing bar (
rebar) assets to Rockingham Steel Inc, a Virginia-based
rebar producer and supplier.
Roanoke Steel officials disclosed that they decided to sell the assets since
rebar is not their core business. The officials went on to say that they believe Rockingham Steel will improve the long term viability of the RESCO mill since Rockingham's primary business is
rebar production.
The terms of the transaction have not been disclosed yet.