Weirton Steel accepts the bid of ISG
According to recent news in the market,
US steel producer Weirton Steel Corp has accepted the offer of $255 million, submitted by Ohio based International Steel Group (ISG) to takeover the assets of the company. The offer includes assumption of Weirton Steel's liabilities.
The transaction which is subject to bankruptcy court approval is expected to be completed in 45 days.
With the takeover, ISG is believed to become the No.1 integrated steel producer in the country.
An official from Weirton Steel states that the company will be able to compete in the market more effectively under the structure of ISG.
As previously reported by SteelOrbis, Weirton Steel had filed for bankruptcy protection on May 19, 2003.