Quanex to Purchase Cargill's North Star Steel Monroe Facility
Quanex Corp., Houston, Tex., a manufacturer of engineered materials and components for the vehicular products and building products markets, signed a definitive purchase agreement with North Star Steel, a subsidiary of Cargill Inc., to purchase the assets of North Star's manufacturing facility based in Monroe, Mich., in a cash transaction. The acquisition is subject to government approval. The Company expects to close the deal on or about November 1, 2003. North Star Steel in Monroe is a scrap-based mini-mill producer of special bar quality and engineered steel bars primarily serving the light vehicle and heavy-duty truck markets. It will become part of Quanex's MACSTEEL division and will be renamed MACSTEEL Monroe.