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

Slater Steel to Buy Idled Austeel Plant

Jun 11 2002

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Slater Steel have entered into an agreement to purchase for US$7 million the assets of Austeel Lemont, a division of Auburn Steel, located in Lemont, Illinois. The Austeel facility has been idle since the end of February 2001. The transaction is expected to be completed by August 2002, with the plant to become operational in the fourth quarter of this year.

The assets of the Austeel plant include:

  • A modern 18-stand continuous bar-mill (capacity 500,000 tons per annum)
  • A melt shop including two 40 ton electric arc furnaces and a three strand caster
  • Property totalling approximately 55 acres

The acquisition is in line with the corporate strategy to “build shareholder value” and provides them with a low cost, low risk opportunity to consolidate their market position, as well as increasing their product ranges.

While it is intended to re-open the plant, some of the assets will be redeployed to other existing Slater operations.

For more information on steel manufacture click here.

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