Posted by: transdomo | May 17, 2010

German firm to buy two idled U.S. Steel plants

A German company is buying two idled Hamilton steel plants in a deal that could mean 300 new jobs for the city.
The sale of the No. 1 bar mill and No. 3 bloom and billet mill at U. S. Steel Canada’s Burlington Street complex will mark the North American debut of Max Aicher Group, a German company that already commands more than 20 per cent of Europe’s market for automotive steel.
The mills have been inactive since January 2009, when U.S. Steel idled almost all of its Canadian operations in the face of plunging demand, moving production of flat-rolled steel to the United States.
Max Aicher (North America) Inc. is a wholly owned subsidiary of Max Aicher GmbH & Co. KG of Germany.
Based in Freilassing, Germany, east of Munich, the company has interests in real estate, construction, steel and waste recycling. It entered the steel business in Germany in 1975, rehabilitating the bankrupt Stahlwerk Annahutte mill in the town of Berchtesgaden. It now operates several stainless steel and rolling mills in Germany, Czech Republic, Romania and Hungary serving customers in auto production and construction.
Aicher employs about 2,500 people in steel production now.

Source: GACCNY

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Klaus Westerwelle
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