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Biz News Korea(Eng)
SeAH Steel acquires two U.S-based steel pipe mills at $ 100 mn
- Collected
- 2016.12.01
- Distributed
- 2016.12.02
- Source
- Go Direct
SeAH Steel announced on Wednesday that it is taking over an oil country tubular goods (OCTG) finishing facility located in Texas, U.S. from American steel pipe manufacturer Laguna Tubular Products Corp. and another OCTG manufacturing plant, also located in Texas, from Russia-based United Metallurgical Co. It is reported that the Korean steel pipe maker paid around $100 million for the acquisition deals. OCTGs are steel pipes used in offshore and onshore gas and oil drilling.
It is the first time for a Korean steel pipe maker to establish an OCTG manufacturing base in the U.S., a fierce battlefield for global steel makers, said an unnamed SeAH Steel official. The company finally secured a manufacturing after it took its first step in the American steel market in 1978. It also plans to open a new manufacturing subsidiary in the U.S. based on the newly acquired facilities, said the company official.
Market observers believe that SeAh Steel’s latest additions, the OCTG manufacturing and finishing facilities in the U.S will help the company to improve its cost competitiveness as well as expedite its delivery process. Also, the firm is expected to create a synergy effect with SeAh Steel’s sales subsidiary SeAH Steel America.
SeAh Steel shares closed Wednesday at 86,500 won ($74.03), up 600 won or 0.7 percent from the previous trading session.
By Moon Ji-woong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]