Armco acquisition ends Sawhill-Wheatland talks
The May 21 announcement that AK Steel is buying Armco has resulted in the termination of talks between Armco's Sawhill Tubular Division and Wheatland Tube Co., said Jim Herzog, a spokesman for Armco. Sawhill and Wheatland had been discussing Sawhill's possible acquisition of Wheatland since 1997.
The $842 million AK-Armco deal, expected to be final in the third quarter of this year, also triggered Standard & Poor's to place its ratings on both companies on CreditWatch "with positive implications," according to a wire-service report.
Armco is the largest producer of 400-series stainless steel and silicon electrical steel in the United States.
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