Sumitomo Corp. of America, Vallourec & Mannesmann Tubes and Sumitomo Corp., Japan has entered an agreement to acquire North Star Steel's Tubular Products Division from its parent company, Cargill, Inc.
The consortium will pay $380 million to complete the acquisition. V&M holds an 80 percent interest in the joint venture with SCOA holding a 14 percent interest and SC a six percent interest.
North Star Steel Company operates its Tubular Division through a mini-mill and assorted processing and finishing facilities in Youngstown, Ohio and a thermal treatment and finishing facility in Houston. The division is a producer of seamless pipe products used primarily in the oil and gas exploration and transmission industry.
The division manufactures about 550,000 tons per year of finished product.
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