Business Services Industry
Sale of International Steel won't affect Warren, Ohio-based firm, official says.
Knight Ridder/Tribune Business News, October, 2004
By Cynthia Vinarsky, Vindicator, Youngstown, Ohio Knight Ridder/Tribune Business News
Oct. 26--AKRON, Ohio -- Monday's sale of Cleveland-based International Steel Group Inc. to a Dutch-owned steelmaker probably won't have any short-term effect on WCI Steel in Warren as it works to emerge from bankruptcy protection, a company official said.
Edward Caine, WCI's chief restructuring officer and former president, said the $4.5 billion cash and stock acquisition by steel tycoon Lakshmi N. Mittal is just another step in the consolidation of the steel industry.
"In the short term, I don't believe it means anything to WCI. I don't believe it will hurt the niche business we're in," he said.
Caine said it's too soon to say how the change...
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