RICHFIELD, Ohio (June 23)—International Steel Group Inc. has bought the assets of Georgetown Steel Co.'s plant in Georgetown, S.C., which manufactures high-quality wire rod that is used to make tire cord and other fine drawn products.
ISG paid $18 million in cash and assumed liabilities for the assets. Georgetown Steel has been operating under Chapter 11 bankruptcy protection since October 2003 and the facility has been idle since then, ISG said.
The Georgetown factory has annual steel-making capacity of 1 million tons and rolling capacity of 800,000 tons, ISG said.