Mexican steel and industrial conglomerate Grupo Imsa has signed a letter of intent to buy $26 million worth of steelmaking assets from MSC Pinole Point Steel, a San Francisco-based steel company. Grupo Imsa is headquartered in Monterrey, Mexico.
The assets include a galvanized and coated steel plant in Richmond, Calif., which supplies the construction market. The plant has a capacity of 300,000 tons per year of galvanized steel and 150,000 tons per year of coated steel.
The companies expect to close the deal within 60 days.
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