Black Diamond Selling Bayou Steel

Tag : Unequal Angles

Black Diamond Capital Management has agreed to sell Bayou Steel to ArcelorMitta l (NYSE: MT) for $475 million. Bayou Steel is a producer ofstructural steel products with facilities in LaPlace , La. and Harriman , Tennessee . 

ArcelorMittal, the world's largest and most global steel company,today announced that it has signed an agreement to acquire BayouSteel, a producer of structural steel products with facilities in LaPlace , Louisiana , and Harriman , Tennessee , for US$475 million. The transaction is subject to regulatoryapproval.

Bayou Steel is an independent producer of medium and lightstructural steel and bar size products. The Louisiana facility produces billets, equal leg angles, unequal leg angles,flats, channels, standard beams and wide flange beams. The Tennessee rolling mill produces merchant bar shapes, including angles,channels, flats, rounds, and squares, as well as rebar. Through itsMississippi River Recycling division, Bayou Steel operates anautomobile shredder at the LaPlace facility, as well as bargewrecking and full-service scrap yards at LaPlace and its facilityin Harvey , Louisiana . The company also has a deep water dock and distribution network,including four stocking locations in the United States . Total prime finished product shipments for fiscal year 2007 wereabout 510,000 tons which generated revenues of approximately $US331 million. The company employs 630 people.
Commenting, Jos Jacqu