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TBC Gets The Midas Touch
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Sumitomo Corporation of America Participates in Acquisition of North Star Steel's Tubular Division
New York, May 28, 2002 -Sumitomo Corporation of America (SCOA), along with Vallourec & Mannesmann Tubes (V&M) and Sumitomo Corporation, Japan (SC), announced that it has entered an agreement to acquire North Star Steel's Tubular Products Division from its parent company, Cargill, Incorporated.
This strategic acquisition strengthens the supply chain for SCOA and its affiliates, allowing them to continue to expand their role as top global suppliers of OCTG.
The consortium will pay $380 million to complete the acquisition. V&M holds an 80 percent interest in the joint venture with SCOA holding a 14 percent interest and SC a six percent interest.
North Star Steel Company operates its Tubular Division through facilities in Youngstown, Ohio and Houston, Texas. The division is a leading producer of seamless pipe products used primarily in the oil and gas exploration and transmission industry.
" The addition of North Star's tubular products division improves our ability to meet the needs of our customers," said Atsushi Nishijo, President & CEO, SCOA. "Bringing North Star's expertise and premier facilities into the fold will help us continue to be a leader in the OCTG industry."
About Sumitomo Corporation of America
Established in 1952, and headquartered in New York, SCOA is a fully integrated trading and investment enterprise with offices in 12 major U.S. cities. SCOA is the largest wholly owned subsidiary of SC, an integrated global trading firm with diversified investments and trading businesses. Utilizing its global network, SCOA's Tubular Products Division and its affiliate companies supply a wide variety of high grade OCTG and line pipe to companies in the oil and gas industry, and are involved with major projects around the world. For more information, visit www.sumitomocorp.com.
About North Star Steel's Tubular Division
The North Star Steel Tubular Division is a leading North American integrated manufacturer of seamless tube products designed for oil and gas applications. With approximately 560 employees, North Star Tubular Division operations are based in two primary locations: a mini-mill steel recycling facility and associated processing and finishing facility in Youngstown, Ohio, and a thermal treatment and finishing facility in Houston, Texas. Both plants are API Q1 Certified and ISO 9002 Certified. North Star Tubular Division manufactures approximately 550,000 tons a year of finished products with 80 percent of its production allocated to OCTG. For the calendar year ended December 31, 2001, North Star Tubular Division generated approximately $328 million in revenue and approximately $81 million in operating income.