Thursday, March 29, 2007

U.S. Steel agrees to buy Lone Star

United States Steel Corp. plans to buy Lone Star Technologies Inc., a maker of welded pipe used in oil fields, in a $2.1 billion cash deal that will make it North America's largest producer of tubular steel.

The Pittsburgh-based company said Thursday the transaction will combine its largely seamless tubular business with Lone Star's welded tubular operation, broadening its line of energy sector products.

U.S. Steel will be able to produce about 2.8 million tons of tubular steel in North America annually after the transaction is completed, the company said. The deal is expected to close in the second or third quarter of 2007.

Link to U.S. Steel story at - Houston Chronicle

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