The hulking steel plant tucked in the northeastern corner of the state never has been much to look at. Monday, it started looking a whole lot better to some people.
In fact, Claymont Steel has become alluring enough to attract a suitor all the way from Russia.
If all goes as expected, the 87-year-old mill will be bought for $564.8 million by coal and steelmaker Evraz Group SA, which began its push into the United States last year with the $2.3 billion purchase of Oregon Steel Mills.
Claymont Steel's board of directors unanimously recommended that shareholders accept Evraz's offer. H.I.G. Capital, the private investment firm that bought Claymont Steel's predecessor in 2005 and now owns about 42.6 percent of its common stock, has committed to tender its shares.
"The price is a good one," analysts at Aton Capital, including Dmitry Kolomytsyn, wrote in a research report Monday. "Evraz Group has a history of successful and value-accretive acquisitions. The latest purchase will be just as successful."
Claymont Steel executives could not be reached for comment Monday.
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