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SeAH Steel to acquire two Texas-based pipe mills at $ 100mn

Collected: 2016.11.18

Distributed: 2016.11.21

Source: Go Direct

SeAH Steel Corp., South Korea’s largest steel pipe producer, is not only a vendor but also a manufacturer in the United States after purchasing two Texas-based mills specializing in Oil Country Tubular Goods (OCTG), tubes that are used in oil and gas production.

OCTG is higher value-added product than typical steel pipes and employed in both offshore and onshore gas and oil drilling.

SeAH is eying to take over an OCTG finishing facility in Houston, Texas, from Laguna Tubular and another pipe facility in northeast Houston from Russia-based United Metallurgical Co. (OMK). The company is near signing a deal that is expected to cost the Korean steelmaker around $100 million.

SeAh Steel America would now have manufacturing base in addition to distribution network and would be less worried about protectionist policy from Washington under the presidency of Donald Trump, outspoken advocate for local industries and U.S.-first policy. The company also would benefit from the foray as Trump has pledged huge infrastructure spending that includes shale gas development.

Shares of SeAH Steel Corp. closed Friday at 85,800 won, up 1.18 percent or 1,000 won from the previous session.

By Moon Ji-woong

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