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BLISS & LAUGHLIN INDUSTRIES AND UNION DRAWN STEEL COMPANY SIGN AN EXPRESSION OF INTENT TO FORM A NEW CANADIAN COMPANY

 BLISS & LAUGHLIN INDUSTRIES AND UNION DRAWN STEEL COMPANY SIGN
 AN EXPRESSION OF INTENT TO FORM A NEW CANADIAN COMPANY
 HARVEY, Ill., Feb. 5 /PRNewswire/ -- Bliss & Laughlin Industries Inc. (NASDAQ-NMS: BLIS) and Nelsen Steel & Wire Company, Inc. announced today the signing of an expression of intent between Bliss & Laughlin Industries Inc. and Union Drawn Steel Company Ltd. to form a new Canadian company which may acquire the outstanding common stock of Union Drawn Steel Company Ltd. and certain assets of Bliss & Laughlin Industries' wholly owned subsidiary, Canadian Drawn Steel Company Inc.
 The transaction is subject to the negotiation and execution of a definitive agreement, the approval of the parties' lenders and certain other conditions.
 Union Drawn Steel Company and Bliss & Laughlin Industries would each own 50 percent of the outstanding common stock of the new company. In addition, Bliss & Laughlin Industries would receive a senior secured note and cumulative convertible preferred stock of the new company.
 Both Union Drawn Steel Company and Canadian Drawn Steel Company operate full-line cold finished steel bar operations in Hamilton, Ontario. The new company would integrate the current operating facilities and organizations of the two companies to serve markets in Canada and the United States more efficiently.
 The joint announcement was made by Gregory H. Parker, chairman and chief executive officer of Bliss & Laughlin Industries Inc. and Clifford D. Nelson, chairman of Union Drawn Steel Company Ltd. and Nelsen Steel & Wire Company, Inc. They said, "The combination of Union Drawn Steel Company and Canadian Drawn Steel Company would create a stronger company with cost and capacity structures in line with current and projected demand for our cold finished steel bar products."
 Headquartered in Harvey, Bliss & Laughlin Industries Inc. is a manufacturer of cold finished steel bars, producing the widest range of grades, sizes and shapes in the industry.
 Nelsen Steel & Wire Company, Inc., headquartered in Franklin Park, Ill., is a privately held manufacturer of cold finished steel bars. It is the principal shareholder of Union Drawn Steel Company Ltd.
 -0- 2/5/92
 /CONTACT: Gregory H. Parker, chairman & CEO of Bliss & Laughlin, 312-264-1800; or Liz Howells of Doremus & Company, 312-321-1377, for Bliss & Laughlin/
 (BLIS) CO: Bliss & Laughlin Industries Inc.; Nelsen Steel & Wire Company, Inc. ST: Illinois, Ontario IN: MNG SU: JVN


SH-JT -- NY034 -- 7157 02/05/92 11:51 EST
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Publication:PR Newswire
Date:Feb 5, 1992
Words:384
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