Esmark Completes Sale of Minority Interest in Wheeling-Nisshin
03/17/2008 - Esmark completes the sale of its minority equity interest in Wheeling-Nisshin to Nisshin Holding, Inc.
Esmark Inc. has completed the sale of its minority equity interest in Wheeling-Nisshin, Inc. for $71.4 million to Nisshin Holding, Inc.
Esmark said it used net proceeds from the sale to reduce long-term debt.
Esmark Inc. is a vertically integrated steel producer and distributor, combining steel production capabilities through both blast furnace and electric arc furnace technologies with the just-in-time delivery of value-added steel products to a broad customer base concentrated in the Ohio Valley and Midwest regions. Currently headquartered in Wheeling, W.Va., the company produces carbon flat-rolled products for the construction, container, appliance, converter/processor, steel service center, automotive and other markets. The company's products include various sheet products such as hot rolled, cold rolled, hot dipped galvanized, electro-galvanized, black plate and electrolytic tinplate.
