Steel Technologies to use facility for $49 million acquisition

By Jennifer Chiou

New York, April 13 - Steel Technologies Inc. announced it will finance the $49 million acquisition of Kasle Steel Corp. using its existing credit facility.

Steel Technologies said it expects to complete negotiation of a definitive stock purchase agreement and close the acquisition on or about May 4.

Kasle Steel, based in Dearborn, Mich., is North America's largest independent supplier of automotive steel blanks.

Steel Technologies is a Louisville, Ky.-based processor of flat-rolled steel.

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