Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

Weirton Steel to Become Part of ISG

May 17 2004

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Effective today, Weirton Steel will become part of the International Steel Group, the USA’s largest steel producer.

The acquisition will be completed today when the US$255 million deal between the two steel producers is finalised. International won the auction to buy Weirton Steel in the US Bankruptcy Court.

While the future of the steel mill is now more or less assured, there is a downside to this story. Part of the restructuring plan that International Steel Group will implement will result in management positions being reduced from 400 to 200, as well as losing 1000 mill jobs in a bid to make the mill more competitive.

For more information on steel manufacture, click here.

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