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

Bethlehem Steel Rejects Last Minute Offers

Apr 16 2003

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As the cut off date for offers to purchase the bankrupt Bethlehem Steel was reached on Tuesday, 2 new bidders emerged, in addition to the well documented bid from International Steel Group (ISG).

The new bids came from North Point Industries of Maryland (USA) and Bramcote Associates of Pennsylvania (USA). North Point tendered a bid that exceeded ISG’s offer by $300 million, however, neither of the new bids were considered complete and will not be considered. Nor did any of them provide the $10 million deposit required by the deadline.

Consequently, the proposed auction of Bethlehem’s assets will not take place, clearing the way for ISG to purchase the assets of Bethlehem Steel. The deal is expected to pass through the courts next week and be completed by months end.

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