Keywords
Citation
(2003), "AK Steel and International Steel Group form coating partnership", Anti-Corrosion Methods and Materials, Vol. 50 No. 2. https://doi.org/10.1108/acmm.2003.12850bab.031
Publisher
:Emerald Group Publishing Limited
Copyright © 2003, MCB UP Limited
AK Steel and International Steel Group form coating partnership
AK Steel and International Steel Group form coating partnership
Keywords: AK Steel, International Steel Group, Partnership
AK Steel and International Steel Group Inc. have formed a partnership whereby AK Steel acquired a 60 percent stake in an electrogalvanizing plant in Cleveland, the former L-S Electro-Galvanizing Co. ISG owns the remaining 40 percent and will operate the plant, which the partners now call AK-ISG Steel Coating Co. Terms of the transaction were not disclosed.
The acquisition provides AK Steel with 300,000 tons of additional coated product a year. About half of AK Steel's annual shipments are coated products, primarily to automotive and appliance markets.
"The additional product from this line complements our existing capacity, making AK Steel the largest supplier of electrogalvanized flat-rolled steel in the country," says Richard M. Wardrop Jr, Chairman, President and CEO of AK Steel.
Rodney Mott, President and CEO, says, "We welcome as a partner AK Steel because of its financial stability and market leadership in electrogalvanized steel. Partnerships such as this one are an effective means of consolidating assets in the steel industry."
L-S Electro-Galvanizing had been a venture between LTV Corp. and Sumitomo Metal USW Corp. before ISG acquired LTV's steel making assets in April.