AK Steel acquires Alpha Tube

AK Steel has entered into a contract to acquire Alpha Tube Corp., a leading manufacturer of welded steel tubing located in Walbridge, Ohio. The company is a wholly owned subsidiary of Acme Metals Inc., Riverdale, Illinois, USA. Acme and its principal subsidiaries, including Alpha Tube, filed for Chapter 11 bankruptcy protection on 28 September 1998. Alpha Tube has continued to manufacture and market its products since the filing. AK Steel was the successful bidder for Alpha Tube through an auction conducted in federal bankruptcy court in Wilmington, Del. AK Steel said the purchase price was USD 30 million in cash in addition to the assumption of a building lease. AK Steel expects to close the acquisition in the third quarter of 2001. Alpha Tube produces large-diameter, thin-wall mechanical tubing for automotive, construction, heating and cooling, furniture and other markets. The company operates tube mills, slitters and a variety of finishing equipment and produces a wide range of specialty and coated steel tubing products.

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