Funding issues threaten Optima, KES deal

Dec 17, 2012 | 02:32 PM | Michael Cowden

Tags  Optima Specialty Steel, Kevin Stevick, ALJ Regional Holdings, Kentucky Electric Steel, merger, acquisition, financing, Michigan Seamless Tube Niagara LaSalle

CHICAGO — Seamless tube and cold-finished bar producer Optima Specialty Steel Inc. has been unable to obtain funding for its proposed $112.5-million acquisition of special bar quality (SBQ) and merchant bar quality flats producer Kentucky Electric Steel LLC (KES), putting the deal in jeopardy.

Miami-based Optima is committed to finding financing, both companies said Monday, adding that neither party had exercised its right to stop the acquisition.....

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