In a statement Tuesday, the steelmaker said the transfer would  allow Alton Steel to maintain its independence and allow eligible employees to share in both the responsibility for and success of the company.

“When the time was right to sell the company, we wanted it to remain locally owned and operated. The solution was to sell the company to the people who are responsible for both its past and future: the employees,” said John Simmons, Alton Steel’s primary owner.

You can find the full announcement here.