Steel Products
Acquisition of ArcelorMittal Georgetown Facility Delayed
Written by Sandy Williams
July 12, 2017
ArcelorMittal’s Georgetown steel mill may see new life under prospective owner Liberty House Group. A tentative deal has been reached with UK-based Liberty House to purchase the shuttered wire rod facility, but a completed purchase agreement has not been signed.
ArcelorMittal is working to reach a successful conclusion to the sale of the Georgetown facility, said an ArcelorMittal spokesperson, but the closing is on hold while Liberty seeks tax and other economic concessions from state officials.
“We want to have state incentives in place prior to the closing,” Gordon Spelich, a consultant with Liberty House Group, told the Georgetown Times.
ArcelorMittal shut down the Georgetown wire rod facility in May 2015 due to significant losses attributed to competition from foreign imports. During its active years, Georgetown produced 300,000 tons of product annually and employed more than 200 full-time workers.
The purchase would be Liberty House’s first steel mill acquisition in the United States.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
US rig count slips, Canada ticks higher
ncreases through September, according to the latest Baker Hughes rig count data.
CRU: EC to toughen steel safeguards
The European Commission proposes cutting its steel import quota by almost half, with volumes exceeding the limit facing 50% duties. The region’s steel industry welcomes the move, while other steel-producing nations fear the consequences. CRU published an insight before this announcement, noting that more restrictive trade policy could significantly raise the cost of marginal supply […]
US and Canadian rig counts stabilize
US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.
Plate market sources critique mill hikes amid current market conditions
Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."
Oregon Steel Mills lifts plate prices by $60/ton
Oregon Steel Mills has joined other producers in announcing a price increase of at least $60 per short ton on steel plate.