AK Steel announced plans to buy Alpha Tube Corp., a producer of welded steel tubing. AK will pay $30 million.
Alpha Tube makes steel tubing for the auto, construction, furniture, and heating and cooling industries. It fits into plans to increase the variety of the steel products AK Steel sells, management said.
AK Steel was the successful bidder for Alpha Tube through an auction in U.S. Bankruptcy Court in Wilmington, Del. Alpha Tube is a wholly owned subsidiary of Acme Metals Inc., based in Riverdale, Ill.. Acme filed for Chapter 11 bankruptcy reorganization in September 1998, but Alpha Tube has continued to make and sell its products.
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