Monday, March 08, 2004
Allegheny Technologies to Acquire J&L Specialty Steel Assets: "'This transaction provides an opportunity to accelerate the return to profitability of our flat-rolled stainless steel business,' said Pat Hassey, Allegheny Technologies President and Chief Executive Officer. 'The economics of the transaction are attractive. The combination and integration of the J&L Specialty Steel operations with our Allegheny Ludlum operations should improve our overall competitive position and create opportunities for growth, cost savings and operating synergies. In addition, this industry consolidation improves customer service by maintaining J&L's capacity in the U.S. stainless steel market. "