Bethlehem
Steel signs sale
agreement for Ohio stainless facility
Bethlehem Steel Corporation
For Immediate Release
BETHLEHEM, Pa., December 9, 1999 -- Bethlehem Steel Corporation has signed a purchase and sale agreement to sell its facility in Massillon, Ohio, to Massillon Stainless, Inc., a company formed by Jindal Strips Ltd., the stainless arm of Jindal Organisation of India and SB International, a Dallas based company that trades in carbon and stainless steel.
The sale is expected to be completed early in the first quarter, and operations are expected to resume af ter the sale is finalized. The Massillon operation performs a wide variety of services to add value to stainless steel sheet products.
The sale of the Massillon facility will complete Bethlehem's divestiture, by sale, of all of the stainless steel assets that were acquired when Bethlehem merged 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. Bethlehem has sold the majority of its stainless steel assets to Allegheny Ludlum and has entered into an agreement for Allegheny Ludlum to purchase the Washington, Pa. facility of the former Washington Steel Division. That sale is expected to be completed late this year.
"Bethlehem is pleased to conclude our divestiture of assets for stainless steel products," said Curtis H. Barnette, chairman and chief executive officer, Bethlehem Steel. "We appreciate the efforts of the Jindal organization over the past few months to move toward completing this transaction to resume operations and return jobs to the community," he said.
The Bethlehem chairman also credited the assistance of U.S. Representative Ralph Regula, Massillon Mayor Frank Cicchinelli, the office of Governor Bob Taft and others.
Bethlehem Steel is the nation=s second largest integrated steelmaker and primarily manufactures and sells a wide variety of steel mill products. Jindal manufacturers and processes more than four million tons of steel annually and is India=s largest stainless steel producer.