Bayou Steel (Tennessee) Reopens Following Fire
PR Newswire, Tuesday, November 11, 1997 at 17:01
HARRIMAN, Tenn., Nov. 11 /PRNewswire/ -- Bayou Steel Corp. (AMEX:BYX)
reopened its merchant bar rolling mill in Harriman, Tennessee, on November 9,
following an October 28 fire that suspended operations.
A series of permanent and temporary repairs were made to expedite the
mill's reopening and to minimize production and sales losses. The temporary
repairs are expected to be made permanent during future outages of a short
duration.
"The cause of the fire remains under investigation, but it appears to have
started when a heated steel bar came out of alignment with rolling equipment
and came into contact with a high pressure oil line," said Jerry Pitts,
president and COO. "The full extent of damage may not be known for some time
while repairs continue."
The company's insurance is expected to cover most of the damage and
business interruption (less the deductible). 125 employees in Tennessee
remained on the job for clean-up, repairs, and training.
Pitts added that the Tennessee mill has resumed production at a time "when
the market is strong and demand is high. We can sell all the merchant bar
that we can produce."
Bayou Steel Corporation (Tennessee) operates a rolling mill where merchant
bar is produced. It is a wholly owned subsidiary of Bayou Steel Corporation
of LaPlace, Louisiana, a steel minimill which produces light structural steel
products. The company also operates three stocking locations along the inland
waterway system near Pittsburgh, Chicago, and Tulsa. The common stock of
Bayou Steel Corporation is traded on the American Stock Exchange under the
symbol "BYX."
SOURCE Bayou Steel Corporation
-0- 11/11/97
/CONTACT: Charles Pizzo, Jr. of Pizzo & Rosenblum Public Relations,
504-525-7777, or pager: 800-617-5707, or e-mail: cpizzo@prprnet.com, for Bayou
Steel Corp./
/Web site: prprnet.com |
