Birmingham shuts down Cleveland SBQ business, seeks buyer

摘要

Birmingham Steel shut down its American Steel & Wire (ASW) special-bar-quality (SBQ) division in Cleveland after the proposed sale fell through. Only some finishing and shipping employees remained working in early June.In Sept. 2000, Birmingham signed a definitive agreement for North American Metals to buy ASW. NAM was a new company led by William Powers. NAM was able to finance the equity part of the deal but couldn't get enough for the debt, said John Correnti, Birmingham's chairman and CEO. The deal's price wasn't disclosed, but NAM was seeking