Bethlehem Steel Agrees to Sell
Washington, PA, and Massillon, OH,
Stainless Operations to Jindal Strips Ltd.
For Immediate Release
Public Relations Division
Public Affairs Department
1170 Eighth Avenue
Bethlehem, PA 18016-7699
(610) 694-3711 - Phone
(610) 694-1509 - Fax
The agreement covers the two stainless steel facilities of Washington Steel, which were acquired by Bethlehem Steel through its merger with Lukens Inc. in May 1998. Bethlehem said at that time that it would continue to focus on its core carbon and alloy steel businesses, and would attempt to sell the stainless businesses.
The sale is expected to be completed in the second quarter, and operations are expected to resume at both locations after the sale is finalized. Operations ceased in February at Massillon and in March at Washington.
With the sale of Washington and Massillon, Bethlehem will have completed the sale of the stainless businesses acquired from Lukens.
"Bethlehem Steel is very pleased with this agreement," said Curtis H. Barnette, Bethlehem's chairman and chief executive officer. "We especially appreciate the support of many local, state and federal government officials."
Assisting in Pennsylvania were U.S. Rep. Frank Mascara, State Sen. J. Barry Stout, State Rep. Leo J. Trich Jr. and Steve Kohler of Governor Tom Ridge's Action Team, and, in Ohio, Massillon Mayor Frank Cicchinelli, the office of Governor Bob Taft, and others.
As part of Washington Steel, the Washington and Massillon facilities performed a variety of stainless steel processing operations including pickling and annealing, cold rolling, buffing and polishing, and cutting and slitting. The production and maintenance workers at both locations are represented by the United Steelworkers of America (USWA). The USWA has cooperated with Bethlehem's marketing of the facilities and has met previously with the buyer.
Bethlehem Steel is the nation's second largest integrated steelmaker and primarily manufactures and sells a wide variety of steel mill products. Jindal processes more than four million tons of steel annually and is India's largest stainless steel producer.