Judge OKs National Steel Sale
Chicago, ILL – A bankruptcy judge in Chicago says Pittsburgh-based US Steel can buy National Steel despite another bidder's objections that the process was unfair.
Indiana-based National operates Granite Steel, one of the Metro-East's biggest employers, and is bankrupt. U.S. Bankruptcy Judge John Squires Monday approved its sale for $850 million. US Steel also agreed to take on $200 million in debt.
Ohio-based AK Steel bid $925 million for the company, but union leaders say US's lower bid offered more job security to the company's thousands of union workers.
AK Steel attorney Deryck Palmer argued it was unfair to consider the lower bid, but the judge disagreed.