Allegheny Technologies Inc. announced that one of its wholly owned subsidiaries, ATI Allegheny Ludlum, has agreed to buy J&L Specialty Steel from Arcelor SA. Arcelor is the largest steelmaker in the world.
The companies have signed an agreement that is expected to close by May 3.
The sale is contingent upon a new labor contract with the United Steelworkers of America and the approval of federal regulators.
"This transaction provides an opportunity to accelerate the return to profitability of our flat-rolled stainless steel business," said Pat Hassey, Allegheny Technologies president and CEO. "The economics of the transaction are attractive. The combination and integration of the J&L Specialty Steel operations with our Allegheny Ludlum operations should improve our overall competitive position and create opportunities for growth, cost savings and operating synergies. In addition, this industry consolidation improves customer service by maintaining J&L's capacity in the U.S. stainless steel market.
ATI Allegheny Ludlum produces and markets sheet, plate, and strip specialty materials including stainless steel, nickel-based alloys, titanium, and titanium-based alloys. The company also produces grain-oriented silicon electrical steel products and tool steel plate.
J&L Specialty Steel is a manufacturer of flat-rolled stainless steel products. The company has plants in Midland, PA and Louisville, OH.
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