Weirton commenced court process for the sale of its assets
According to the recent news in the market, US mill Weirton Steel initiated court process for the sale of its assets to International Steel Group (ISG). ISG submitted a total bid of $255 million for the assets, $158 million of which will be paid in cash. The other bidders should submit $7.9 million more than the bid of ISG to take place in the tender. Interested investors are to submit their bids by latest April 6, 2004. Meanwhile, US International Trade Commission (ITC), last week decided that the anti-dumping duty on imports of tin mill products (TMP) from Japan is to remain in effect by 2005. TMP of Weirton Steel constitutes 25% of the TMP market in US. Hence the ruling on Japanese TMP creates an advantageous situation for Weirton Steel, especially at a time when it is getting prepared to be a part of ISG. The sale of the assets, being subject to court approval is expected to be finalized in the second quarter of 2004.