Marubeni-Itochu Steel America Inc. (MISA) has acquired Worthington Specialty Processing (WSP), a joint venture between Worthington Industries and United States Steel Corp.
The New York-based value-added steel and aluminum processor and North American subsidiary of Japan’s Marubeni-Itochu Steel Inc. acquired WSP’s only remaining facility in Jackson, Mich. in an all-cash deal for an undisclosed sum.
Recall that back in May, Worthington purchased the non-controlling 49% interest in WSP’s facility in Taylor, Mich., from US Steel for approximately $6.8 million, so that facility is now a wholly-owned subsidiary of Worthington.
The Jackson facility will be renamed MISA Specialty Processing Inc., the metals processor said in a Nov. 1 statement.
“The acquisition is part of MISI’s strategy to expand its steel processing capacity to service customers in the North American automotive industry,” the company said.
Founded in 2001, Marubeni-Itochu Steel America Inc. provides value-added steel and aluminum solutions for the automotive, construction, appliance, food, medical, and aerospace industries.
By David Schollaert, David@SteelMarketUpdate.com
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