Allegheny Teledyne to Acquire Stainless Steel Assets from Bethlehem Steel.PITTSBURGH--(BUSINESS WIRE)--Nov. 12, 1999-- Allegheny Teledyne Incorporated (NYSE NYSE See: New York Stock Exchange :ALT) today announced that its subsidiary, Allegheny Ludlum Corporation, has entered into a definitive agreement with Bethlehem Steel The Bethlehem Steel Corporation (1857–2003), based in Bethlehem, Pennsylvania, once was the second largest steel producer in the United States (after Pittsburgh, Pennsylvania-based US Steel). Corporation (NYSE:BS) in which Allegheny Ludlum will acquire the Washington, PA plant of Lukens' Washington Steel Division for approximately $20 million in cash. Bethlehem has owned the plant since it acquired Lukens in 1998. The plant has been idle since April, 1999 and was formerly used to cold roll and finish stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. sheet and strip. "We have identified significant operating synergies that will help lower our costs of producing stainless steel," said Jack W. Shilling SHILLING, Eng. law. The name of an English coin, of the value of one twentieth part of a pound. In the United States, while they were colonies, there were coins of this denomination, but they greatly varied in their value. , president of Allegheny Ludlum, an Allegheny Teledyne company. "In addition, the Sendzimir mills and anneal To take the brittleness out of metal, plastic or certain carbon composites. Performed in the preparation of new products or in their restoration, annealing is accomplished via a heat treating process. and pickle pickle, general term for fruits or vegetables preserved in vinegar or brine, usually with spices or sugar or both. Vegetables commonly pickled include the beet, cabbage, cauliflower, cucumber, olive, onion, pepper, and tomato. lines provide incremental sheet capacity to help us meet strong demand in our highly competitive global markets." The agreement is subject to customary regulatory approval and closing conditions. Allegheny Teledyne Incorporated is a diversified manufacturing company serving global markets with specialty metals, aerospace, electronic, industrial, and consumer products. The company is one of the largest and most diversified specialty metals producers in the world. With talented people using innovative technologies and systems, Allegheny Teledyne's goal is to be the low cost, high quality supplier to global markets. Allegheny Teledyne's website can be found at http://www.alleghenyteledyne.com. |
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