Universal Stainless to Purchase Assets of Patriot Special Metals
Universal Stainless & Alloy Products of Bridgeville, Pa., signed an agreement in June to purchase the assets of Patriot Special Metals (PSM) of North Jackson, Ohio. PSM is a substantially completed greenfield facility that includes a state-of-the-art radial forge in the initial startup phase and a vacuum induction melting facility that is scheduled to be completed by Universal Stainless for initial production in the first quarter of 2012. The plant also includes two vacuum arc remelt furnaces, scheduled for a fourth quarter 2011 start-up, and related equipment for heat treating and finishing long products. The transaction included a purchase price of $104.5 million and an additional $25 million for the completion of equipment installation.
The addition of the radial forge will expand the Universal Stainless’ products to include large and long forged squares, rounds, bars and custom shapes. The business acquired due to the capabilities of the forge will increase the utilization of the company’s recently upgraded meltshop at its Bridgeville plant. In other news, the company plans to install an electroslag remelt furnace at the North Jackson facility.