Birmingham Steel Corp. has completed the sale of its idled American Steel & Wire special bar quality facility in Cleveland, Ohio, to Charter Steel, a subsidiary of Charter Manufacturing, Mequon, Wis. Birmingham had signed an exclusive purchase option agreement with Charter earlier this year.
Charter expects to run the division as part of its Charter Steel subsidiary, which has plants in Suakville and Risingsun, Ohio.
John Correnti, chairman and CEO of Birmingham Steel, said that sale of the Cleveland facility was a key element in the company's plan to reduce debt and return to profitability. The Cleveland sale is the second transaction in recent months that Birmingham Steel has completed as part of its turnaround plan.
Late last year the company sold a mini-mill facility in Cartersville, Georgia, which eliminated Cartersville's operating losses and reduced debt by approximately $90 million.
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