Metals
Given our historical roots in the heart of the nation's primary metal manufacturing and production region, Buchanan has represented numerous specialty metals and other manufacturers in the metals industry. Our long history of representing such clients has also resulted in significant and continuing engagements from banks and financial institutions with respect to credit facilities for companies in the metal manufacturing and production industries.
Buchanan provides sophisticated legal advice on a wide range of subjects, including tax, labor, corporate, securities and business planning matters. The depth and breadth of our work in these complex areas enables us to provide cost effective, timely service and peace of mind for our clients.
Representative matters:
- Represented the independent committee of the Wheeling-Pittsburgh Corporation Board of Directors in its acquisition by Esmark Incorporated, an Illinois-based provider of steel services and products. The combined market cap of the transaction was in excess of $1 billion.
- Represented the Board of Directors of Esmark Incorporated and its steering committee in its contested sale to OAO Severstal, a Russia-based global steel producer.
- Represented Horsehead Holding Corp. in is acquisition INMETCO, a leading recycler of metals-bearing wastes in North America.
- Represented RTI International Metals, Inc. in the completion of its acquisition of 100% of the issued and outstanding capital stock of Claro Precision, Inc., a Quebec corporation.
- Represented Kennametal Inc. in its acquisition of an insolvent German public company; its strategic investment and cooperation arrangement with a direct competitor in Japan; and its billion-dollar acquisition of another public company.
- Represented Pitt-Des Moines, Inc. in a $260 million tender offer and $98.5 million sale of its bridge division. Our team worked with company management and their financial advisers over a two-year period to structure the transactions to enhance and realize shareholder value. The specific transactions were all completed within a 16-month period, including:
- A $98 million sale of the company's Steel Service Centers Division.
- A $98 million sale of the company's Bridge Division.
- An $84 million sale of the company's Engineered Construction and Water divisions.
- A $29 million sale of the company's structural steel erection and fabrication subsidiary.
- An $8.25 million sale of the company's culvert pipe subsidiary.