Hercules Drawn Steel Corp. has bought Baron Drawn Steel Corp.'s assets for an undisclosed sum.

Market sources said they believed Baron, a cold drawer founded in 1960, had been facing financial trouble, and the company was sued by two suppliers recently over alleged unpaid bills. The sale of Canton, Mich.-based Baron was largely expected by a cold-finished steel buyer and a competitor.

Livonia, Mich.-based Hercules, part of Eaton Steel Bar Co., Oak Park, Mich., made the announcement Monday, at which point Baron Drawn's Web site had already been shut down.

Owner Mark Goodman couldn't be reached for...