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Samuel Manu-Tech to Sell Nanticoke Pickle Lines to U.S. Steel Canada

07/31/2008 - Samuel Manu-Tech signs non-binding letter of intent to sell all of its Nanticoke, Ont., steel pickling operations to U.S. Steel Canada.

Samuel Manu-Tech Inc. has signed a non-binding letter of intent to sell all of its Nanticoke, Ont., steel pickling operations to its major customer, U.S. Steel Canada.
 
"The company remains committed to servicing the Southern Ontario marketplace through our state-of-the-art steel pickling and slitting operations in Stoney Creek, Ontario", commented Samuel Manu-Tech's Chairman and CEO, Mark Samuel.
 
Samuel noted that the company’s decision to sell its Nanticoke pickling lines “reflects the company's expectations for reduced steel pickling demand in the Ontario marketplace and the desire to reallocate capital into higher growth areas".
 
The company anticipates the transaction should close in the third quarter of 2008, following completion of due diligence and ongoing negotiations.
 
Samuel Manu-Tech is a leading North American industrial products and technology company producing a wide range of steel, plastic and related industrial products and services from locations in Canada, the United States and Mexico.