Roanoke Electric Steel Corporation Announces Sale of Subsidiary Assets
27 Gennaio 2005 - 10:42PM
PR Newswire (US)
Roanoke Electric Steel Corporation Announces Sale of Subsidiary
Assets ROANOKE, Va., Jan. 27 /PRNewswire-FirstCall/ -- Roanoke
Electric Steel Corporation (NASDAQ:RESC) today reported that its
subsidiary, RESCO Steel Products Corporation ("RESCO"), had sold
its reinforcing bar assets to Rockingham Steel, Inc. ("Rockingham
Steel"), a reinforcing bar fabricator located in Harrisonburg,
Virginia. Terms of the transaction were not announced. "RESCO is no
longer a good strategic fit for us since Roanoke's mill operation
no longer produces reinforcing bars, which is RESCO's primary raw
material," said T. Joe Crawford, President and COO of Roanoke
Electric Steel Corporation. "However, Rockingham Steel will be a
good fit for RESCO, since rebar fabrication is its primary
business. Rockingham Steel will improve the long term viability of
the operation in Salem." Founded in 1986, RESCO fabricates steel
reinforcing bars and employed 44 people prior to the sale.
Rockingham Steel will offer jobs to the majority of the employees
at the Salem operation. "Roanoke Electric Steel Corporation will
provide a severance package and potential employment to the
remaining employees," said Crawford. Roanoke Electric Steel
Corporation has steel manufacturing facilities in Roanoke,
Virginia, and Huntington, West Virginia, producing angles, rounds,
flats, channels, beams, special sections and billets, which are
sold to steel service centers, fabricators, original equipment
manufacturers and other steel producers. Four subsidiaries are
involved in various steel-related activities, consisting of scrap
processing and bar joist, and truck trailer beam fabrication. This
release contains various forward-looking statements which represent
the Company's expectations or beliefs concerning future events. In
accordance with the safe harbor provisions of the securities laws
regarding such statements, the Company notes that a variety of
factors, including economic and industry conditions, availability
and prices of utilities, supplies and raw materials, prices of
steel products, foreign and domestic competition, trade policies
affecting imports and exports, governmental regulations, interest
rates, inflation, labor relations, environmental concerns and
compliance issues and other maters, could cause actual results and
experience to differ materially from those expressed in the
forward-looking statements. DATASOURCE: Roanoke Electric Steel
Corporation CONTACT: Mark G. Meikle or William M. Watson, Jr. of
Roanoke Electric Steel Corporation, +1-540-342-1831 Web site:
http://www.roanokesteel.com/
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