Open / Close Advertisement

U. S. Steel Gets FTC Green Light for Lone Star Acquisition

05/14/2007 - United States Steel and Lone Star Technologies have received notice from the Federal Trade Commission of early termination of the Hart-Scott-Rodino waiting period for the previously announced merger in which U. S. Steel would acquire Lone Star for a cash consideration of $67.50 per share.

United States Steel Corp. and Lone Star Technologies, Inc. have received notice from the Federal Trade Commission of early termination of the Hart-Scott-Rodino waiting period on May 10, 2007 for the companies’ previously announced merger in which U. S. Steel would acquire Lone Star for a cash consideration of $67.50 per share.
 
The companies note that completion of the merger is subject to the approval of Lone Star's shareholders and customary closing conditions. Both companies expect the transaction to close during the second quarter of 2007.
 
United States Steel is an integrated steel producer with major production operations in the United States and Central Europe. With an annual raw steel production capability of 19.4 million tons in the United States and 7.4 million tons in Central Europe, U. S. Steel manufactures a wide range of value-added steel products for a number of major industries. U. S. Steel's integrated steel facilities include Gary Works in Gary, Ind.; Great Lakes Works in Ecorse and River Rouge, Mich.; Mon Valley Works, which includes the Edgar Thomson Plant and the Irvin Plant near Pittsburgh, Pa., and the Fairless Plant near Philadelphia, Pa.; Granite City Works in Granite City, Ill.; Fairfield Works in Fairfield, Ala.; U. S. Steel Kosice in the Slovak Republic; and U. S. Steel Serbia. U. S. Steel also operates finishing facilities at the Midwest Plant in Portage, Ind., East Chicago Tin in Indiana, and Lorain Tubular Operations in Lorain, Ohio, and is involved in several steel-finishing joint ventures. U. S. Steel produces coke at the Clairton Plant near Pittsburgh and at Gary Works and Granite City Works. The company operates two iron ore mines through its Minnesota Ore Operations on the Mesabi Iron Range in northern Minnesota—one in Mt. Iron and one in Keewatin. In addition, U. S. Steel is involved in transportation services (railroad and barge operations) and real estate operations.
 
Lone Star Technologies is a $1.4-billion holding company whose principal operating subsidiaries manufacture and market oilfield casing, tubing and line pipe, specialty tubing products, including finned tubes used in a variety of heat recovery applications, and flat rolled steel and other tubular products and services.