Universal Stainless & Alloy Products, Inc. has submitted a bid, in accordance with procedures approved by the U.S. Bankruptcy Court, to purchase the assets of the idled Fort Wayne, Indiana specialty steel bar facility of Slater Steels Corp., the U.S. subsidiary of Slater Steel Inc., of Mississauga, Ontario.
The company's bid of $3,190,000 has been submitted in order to participate in the auction, scheduled for February 11.
Mac McAninch, President and Chief Executive Officer of Universal Stainless, commented: "Acquiring the Fort Wayne facility is a strategic opportunity for our company. It would expand our offering of specialty steel products, including round bar products up to 8 inches in diameter. If our bid is successful, we plan to use these assets in a manner consistent with our other acquisitions and the operating philosophy of our company."
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