Steel Mills
US Steel Acquires Remaining Shares of Double Eagle Steel Coating
Written by Sandy Williams
June 2, 2015
US Steel has purchased the remaining AK Steel shares of its joint interest in Double Eagle Steel Coating Company. AK Steel acquired 50 percent of Double Eagle when it acquired the Severstal Dearborn operations in 2014.
With a payment of $25.2 million to AK Steel, US Steel now owns the 700,000 ton electrolytic-galvanizing line. The EGL line will become part of Great Lakes Works, providing customers in the automotive industry with world-class steel coated products for both exposed and unexposed applications. Utilizing the patented CAROSEL® process to electrolytically apply zinc to steel substrate, the EGL line at Dearborn is the exclusive North America finishing line capable of providing both EG (free zinc) or EGA (an iron/zinc alloy) coatings.
“Continuing investment into our operations to provide the highest quality product critical to our customers’ success directly supports U. S. Steel’s ongoing transformation journey,” said U. S. Steel’s President & CEO Mario Longhi. “We seek to create innovative solutions for our customers now and well into the future. By increasing our operational footprint at Great Lakes Works, we are creating special synergies with our automotive customers as they seek to reach critical safety and fuel economy standards.”
The EGL process fits in with US Steel’s joint venture PRO-TEC Coating Company, which produces strong, highly formable substrate, allowing Great Lakes Works to set the product standard for coated advanced high strength steels.
Sandy Williams
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