Keywell finds investor to buy part of company

Aug 14, 2013 | 05:45 PM | Daniel Fitzgerald

Tags  Keywell, memorandum of understanding, sale, acquisition, Mark Lozier, stainless scrap, scrap demand, scrap payments Daniel Fitzgerald

NEW YORK — Keywell LLC has signed a memorandum of understanding with an unidentified investor to sell a "substantial portion" of the stainless and specialty steel scrap processing company.

The transaction, scheduled to close in the next two to three weeks, "is in line with the company’s goal to maximize value for all of our stakeholders with the continuing objective to pay creditors in full," Keywell president and chief executive officer Mark Lozier said in an Aug. 13 letter to suppliers.....

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