Ampco-Pittsburgh Corp., Carnegie, Pa., has acquired ASW Steel Inc., Welland, Ontario, a specialty steel producer with customers in the oil and gas, power generation, aerospace, transportation, and construction industries. ASW offers a unique combination of carbon, stainless, and other specialty steelmaking capabilities, as well as flexible steel refining methods such as argon oxygen decarburization, vacuum oxygen decarburization, vacuum degassing, and a ladle metallurgical station.
According to John Stanik, Ampco-Pittsburgh’s Chief Executive Officer, “This acquisition is a very important element in Ampco-Pittsburgh’s strategic diversification plan. ASW’s proven broad expertise in flexible steel refining methods will provide us with the capabilities to manufacture the additional chemistries needed to expand our reach in the open-die forging market. The transaction also enhances our ability to grow in markets in which we currently participate and to add new markets.”
“Our combined capabilities will offer forgers, ring rollers, and rolling mills, a high-quality supplier with the broadest range of specialized steel products in the marketplace,” says Tim Clutterbuck, President of ASW Steel, Inc.
The total purchase price was approximately $13.1 million, including $3.5 million in cash and assumption of approximately $9.6 million of outstanding indebtedness.
ASW, whose annual revenues are approximately $48 million, will be an indirect subsidiary of Union Electric Steel Corporation, a wholly owned operating subsidiary of Ampco-Pittsburgh. Union Electric Steel is a leading producer of forged and cast engineered products for the global steel and aluminum industries.
