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Nov. 28, 2012
Optima Acquires Kentucky Electric Steel
Optima Specialty Steel Inc., Miami, will acquire 100 percent of Kentucky Electric Steel in a transaction expected to close next month. KES is a value-added manufacturer of special bar quality and merchant bar quality flat steel products.
KES, which operates a minimill in Ashland, Ky., produces more than 2,600 different flat bar items. Its chief end markets include the leaf-spring suspension market for light and heavy-duty trucks, minivans and other vehicles, plus cold-drawn bar converters and service centers, among others.
KES has been a supplier to Optima Specialty Steel and will contribute to Optima's long-term goals, along with Optima's wholly owned subsidiaries Niagara LaSalle Corp. and Michigan Seamless Tube LLC, officials say. Niagara LaSalle is a specialty steel processor and a manufacturer of high-quality engineered cold-finished steel bars. MST is a specialty steel processor and a manufacturer of precision-tolerance, cold-drawn seamless tubes.
"KES fits perfectly into Optima Specialty Steel's long-term strategy of building a leading specialty steel producer that delivers the best steel products to our customers. Optima Specialty Steel, its management team and employees are delighted by this opportunity to continue to solidify its position in the specialty steel industry and to strengthen relationships with customers and suppliers," says Kevin Stevick, CEO and president of Optima Specialty Steel.
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