Leggett & Platt Inc. announced plans to purchase bankrupt Georgetown Steel Co. for $20.9 million. The offer tops International Steel Group Inc.
ISG had offered $16 million plus assumed liabilities when it bid on the steel mill last month.
Leggett & Platt, based in Carthage, Missouri, said it will not take on Georgetown's liabilities. The acquisition still needs bankruptcy court approval, Leggett said. The deal will go before the bankruptcy judge this week.
Leggett & Platt entered the steel industry two years ago with the purchase of Northwestern Steel & Wire.
Georgetown, based in Georgetown, S.C., filed for bankruptcy last October and ceased production. The company had annual steelmaking capacity of 1 million tons and rolling capacity of 800,000 tons. It also has the capacity to produce 500,000 tons a year of direct reduced iron.
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