Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Rat dog micro-cap picks... -- Ignore unavailable to you. Want to Upgrade?

To: Bucky Katt who wrote (10077)	1/6/2003 11:22:46 AM
From: BW	Read Replies (2) \| Respond to of 48461

France and Russia will be pissed if they;re not key players in oil distribution plans, both have made several large contracts with Iraq over the past few years. Personally I don't mind pissing off the French...

To: Bucky Katt who wrote (10077)	1/6/2003 3:12:49 PM
From: BW	Respond to of 48461

ISG Makes $1.5 Billion Bid for Beth Steel Monday January 6, 2:54 pm ET ------------------ BYX - here's a steel rat with some serious financial problems. might be one to keep on radar. Bayou Steel Corporation owns and operates a steel minimill in Louisiana that produces merchant bar and light structural steel products. For the nine months ended 6/02, net sales decreased 2% to $104 million. Net loss increased 24% to $33 million. Revenues reflect an unprecedented level of imports adversely impacting the domestic steel market and the economic slowdown. Higher loss reflects the inclusion of $7.7 million in income tax expense. ------------- NEW YORK (Reuters) - International Steel Group Inc., backed by New York buyout firm W.L. Ross & Co., on Monday made a formal offer worth $1.5 billion to buy bankrupt U.S. steelmaker Bethlehem Steel Corp. (OTC BB:BHMSQ.OB - News) and create the largest U.S. producer of steel. In a step toward consolidation of the struggling U.S. steel industry, ISG said it made the offer for "substantially all" of the Bethlehem, Pennsylvania company's steel-making and related assets. In a statement, ISG said it believes the proposal will be supported by both Bethlehem's board of directors and the United Steelworkers of America. The deal also includes the assumption of some liabilities and needs to be approved by U.S. Bankruptcy Court. Earlier this year, W.L. Ross, founded by former Rothschild banker Wilbur Ross, bought the assets of bankrupt steelmakers LTV Steel and Acme Metals, naming the new business International Steel Group, or ISG. The ISG deal would bring Bethlehem Steel out of Chapter 11 a little more than a year after filing for bankruptcy. Like more than 30 other U.S. steelmakers, Bethlehem was driven into bankruptcy after struggling with stiff competition from foreign rivals, a weak global economy, and ballooning retiree healthcare costs. Monday marks the end of ISG's exclusive 60-day negotiating period to purchase the ailing steelmaker. Definitive terms are still being ironed out with Bethlehem management and should be completed with in a week to 10 days, ISG said. ISG's main hurdle was the "legacy costs" -- pension plan and retiree healthcare debts -- that have crippled Bethlehem and helped send it into bankruptcy. As part of the deal, ISG said that Bethlehem's workers would fall under its new lower cost labor contract with the union. To help the deal go forward, ISG also said it is offering early retirement to hourly Bethlehem employees at the time of the change in ownership.