North American flat rolled steel processor Steel Technologies Inc. announced this week that its joint venture with
Japan's Mitsui Steel Holdings Inc., Mi-Tech Steel Inc., has entered into an agreement to purchase Mitsui Auto Steel
Canada Inc. (MASCI).
MASCI currently operates a flat rolled steel processing facility in Cambridge, Ontario. Upon completion of the purchase of MASCI, expected to occur in January 2007, Mi-Tech will invest US$12 million to construct a new flat rolled steel processing operation in Woodstock, Ontario. The planned 80,000 square-foot operation will have slitting capabilities from 0.015 - 0.250 inches in thickness and up to 72 inches in width.
The new facility is expected to be operational in mid-2008. The Cambridge and Woodstock locations in
Canada will increase the number of Mi-Tech Steel's facilities to six. Its other steel service centers are located in Murfreesboro, Tennessee; Greensburg, Indiana; Decatur, Alabama; and Madison, Mississippi.
"Mi-Tech Steel clearly is the market leader in steel processing among the 'new domestic'
automotive companies, and their investment in
Canada expands its prominent position in the marketplace," Bradford Ray, Chairman and CEO of Steel Technologies, told the press.