U.S. Steel Corp. has purchased Double Eagle Steel Coating Company (DESCO), with plans to incorporate the line into its larger operation, the company said on Monday.
"We seek to create innovative solutions for our customers now and well into the future,” U.S. Steel President and CEO Mario Longhi said. “By increasing our operational footprint at Great Lakes Works, we are creating special synergies with our automotive customers as they seek to reach critical safety and fuel-economy standards."
Acquired from AK Steel, the 700,000 ton electrolytic-galvanizing line (EGL) will provide automotive customers with the highest-quality steel-coated products, utilizing a patented process as the only North American finishing line offering both EG (free zinc) or EGA (an iron/zinc alloy) coatings.
The transaction involved a one-time payment of $25.2 million, along with the transfer of assets and utilities to U.S. Steel Great Lakes Works. Facility staffing will remain undisturbed while U.S. Steel oversees a 90-day transition period.
U.S. Steel Corp., based in Pittsburgh, is a leading integrated steel producer and Fortune 200 company, with major production operations in the U.S. and Europe, and an annual raw steel-making capability of 24.4 million net tons.
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