CHICAGO E&H Tubing
Inc. plans to make steel tubing in Brownstown, Ind., using the
assets of Indiana Steel & Tube Inc., which it acquired in a
bankruptcy auction earlier this year.
E&H Tubing shares common
ownership with Charter Steel Trading Co. Inc., according to
Indiana Economic Development Corp. (IEDC) and the company.
Charter Steel Trading president
Gary Birnbaum last month refused to confirm the Chicago-based
companys acquisition of bankrupt Indiana Steel & Tube
amm.com, Nov. 12).
E&H Tubing shared "common
ownership" with Charter Steel Trading, the company and IEDC
"We believe that having the
ownership of Indiana Steel & Tube along with Charter Steel
Trading Co. creates a strong steel-based alliance within the
steel industry," Birnbaum said in a statement, noting that his
company had decided to keep the assets of Indiana Steel &
Tube in the state because of its "business-friendly
E&H Tubing is leasing the
two former Indiana Steel & Tube facilities, one 100,000
square feet and the other 68,000 square feet, on a combined
20-acre parcel of land, the IECD and the company said. The
company, which could create 56 new jobs by 2015, has already
hired machine and forklift operators, as well as packaging
staff, it said. A second shift could be added in the coming
Charter Steel Trading was among
Indiana Steel & Tubes top unsecured creditors when
the company filed for bankruptcy protection (
amm.com, July 11). In late October, a bankruptcy
court judge in Indiana approved E&H Tubings purchase
of the bankrupt company for nearly $5.7 million (
amm.com, Nov. 1).