The North Star Steel Co. subsidiary of Cargill Inc., Minneapolis, has completed the sale of its Tubular Division assets to a newly incorporated U.S. limited partnership named V & M Star.
The new partnership is 80 percent owned by France and Germany’s Vallourec & Mannesmann Tubes (V & M Tubes) and 20 percent owned by Japan’s Sumitomo Corp. The former Tubular Division of North Star, with an EAF steel mill in Youngstown, Ohio and an additional facility in Houston, produces seamless products, including oil country casing, line pipe, standard pipe, mechanical pipe and coupling stock used primarily in the oil and gas exploration and transmission business.
The purchase price of $380 million in cash includes the facilities in Youngstown and Houston.
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