Swedish firm to buy IPSCO of U.S.
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Swedish steel company SSAB Svenskt Stal said it made a $7.7-billion offer for U.S.-based steel-products maker IPSCO Inc. in a deal that would give it a platform for expansion in North America.
The offer of $160 a share was recommended by the boards of both companies, SSAB said.
Lisle, Ill.-based IPSCO has about 4,400 employees and an annual steelmaking capacity of more than 4 million tons. It owns four steel mills, 11 pipe mills, and scrap processing centers and product finishing facilities in the U.S. and Canada.
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