International Steel Group has signed a definitive agreement to acquire the assets of the Georgetown Steel Company facility in Georgetown, S.C., subject to closing adjustments and approval by the U.S. Bankruptcy Court. The agreement has been approved by the boards of directors of both companies.
ISG expects the acquisition to close next month. ISG plans to restart operations at the plant in the third quarter of the year. Initial discussions are taking place with the United Steelworkers of America regarding a labor contract and staffing of the plant.
Georgetown Steel, a manufacturer of high-carbon steel wire rod products, filed for Chapter 11 bankruptcy last October and ceased production. The facility has annual steelmaking capacity of 1 million tons and rolling capacity of 800,000 tons.
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