Bethlehem Steel Receives Proposal From ISG
January 7, 2003
Bethlehem Steel Corp., Bethlehem, Pa., received a proposal from International Steel Group (ISG) to acquire all of Bethlehem's steelmaking assets that, combined with ISG's assets, would create the largest steel company in North America. Yesterday marked the end of a 60-day period of exclusivity between the two companies. If the merger is realized, the new company would have fully integrated steelmaking operations in Cleveland, Ohio; Burns Harbor, Ind.; East Chicago, Ind., and Sparrows Point, Md. and electric furnaces in Coatesville and Steelton, Pa. Finishing facilities will be located in Ohio, New York, Pennsylvania and Indiana. The finishing facilities include those with the widest range of high-value coating lines of any North American steel company. In addition, ISG would succeed Bethlehem as the joint venture partner for Bethlehem's current interests in Illinois, Indiana, Mississippi and Florida.