Steel Markets

Vicwest to be sold to Kingspan and Ag Growth International
Written by Sandy Williams
November 10, 2014
Vicwest Inc., a leading manufacturer and distributor of engineered storage and handling systems, will be sold to Kingspan Group and Ag Growth International Inc. (AGI). The company is valued at Canadian $350 million (US$ 308.6 million).
Irish insulation and materials manufacturer Kingspan will purchase all the outstanding shares of Vicwest and will retain the Vicwest Building Products division. The Vicwest Westeel division will be sold to Ag Growth International.
AGI will purchase the Winnipeg headquartered Westeel for an aggregate purchase price of $221.5 million. Westeel is a leading provider of grain storage solutions in Western Canada offering a wide range of on-farm and commercial products for the agricultural industry. Westeel is expected to post adjusted EBITDA of 20.0 million for FY 2014
Mr. Colin Osborne, President and Chief Executive Officer of Vicwest, said, “Given the evolution of both businesses into new product lines and markets, the Board of Directors of Vicwest concluded that operating a construction business and agricultural business under one umbrella is no longer the ideal structure for the long term
Completion of the sale agreement is contingent on approval by 66 2/3 percent of shareholders at and customary court and regulatory approvals.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Glenfarne Alaska LNG and POSCO ink preliminary partnership
Glenfarne Alaska LNG and POSCO signed a preliminary strategic agreement during the GasTech Conference in Milan on Thursday.

Steel export volumes remain weak through July
Following a 3% decline in June, the amount of steel shipped outside of the US edged up 1% in July to 623,000 short tons. July was the sixth-lowest monthly export rate since the COVID-19 pandemic, and...

Hot-rolled market participants say ‘doldrums’ to roll on through year-end
Participants in the hot-rolled steel sheet market expect the market to remain subdued through the end of the year.

Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.

Great Lakes iron ore shipments declined in August
Shipments of iron ore across the Great Lakes dropped to 5 million short tons (st) in August, according to the latest data from the Lake Carriers’ Association. That’s down 9.1% compared to August 2024 and 2% lower than the month’s 5-year average. All told, the year-to-date (YTD) iron ore volumes through August totaled 26.7 million […]