International Steel Mills
Jindal SAW to Acquire Mississippi Pipe Maker PSL North America
Written by Sandy Williams
August 27, 2014
Jindal SAW Ltd, through its subsidiary Jindal Tubular USA LLC, will acquire all of pipe and tube producer PSL North America LLC in a bankruptcy purchase agreement.
The purchase price was undisclosed but assets of PSL North America and PSL USA (which owns a majority stake in PSL North America) were listed at $50 million each with debt of $130 million in the Chapter 11 document filing. According to court documents, PSL USA offered to sell all of its assets to Jindal Tubular for $100 million.
In June, PSL North America and PSL USA entered a voluntary petition for relief under Chapter 11 with the US Bankruptcy Court for the District of Delaware. Jindal Tubular entered a purchase agreement with PSL on August 16, following court approval. The acquisition is expected to conclude at the end of August.
PSL North America, a Mississippi-based manufacturer of large diameter, high pressure steel pipe, is an American and Indian joint venture controlled by PSL SAW Ltd in Mumbai. Jindal SAW is a leading pipe and tube maker in India and one of India’s largest producers of submerged arc welded (SAW) pipe.
Sandy Williams
Read more from Sandy WilliamsLatest in International Steel Mills
Trump says US government to control 51% share in USS
President Trump says the US government will hold a 51% stake in U.S. Steel after the Nippon deal.
USS, Nippon Steel quiet as litigation deadline approaches
There has been little word from U.S. Steel, Nippon Steel, or the White House since President Trump endorsed the companies’ “partnership” on social media and celebrated it at the May 30 rally outside Pittsburgh.
Ternium’s Vedoya named AIST’s Steelmaker of the Year
Maximo Vedoya was awarded in recognition of Ternium’s expansion project in Pesquería, Mexico, and Ternium’s efforts to decarbonize steelmaking.
CRU: Baosteel hints at output cuts in China
Baosteel exec comments on market rumors of 50 million tons of output being cut this year, less than 0.5% of the 1 billion tons-plus China has produced annually in recent years.
POSCO mulls teaming up with Hyundai on Louisiana mill
South Korea’s POSCO is eyeing linking up with Hyundai Steel in the project to build a steel plant in Louisiana, according to media reports.