Roanoke Electric Steel sells rebar assets

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.