New Cleveland Steel Company Already Expanding - Cleveland 19 News Cleveland, OH

New Cleveland Steel Company Already Expanding

CLEVELAND (AP) - Cleveland's newest steel company is already expanding.

The International Steel Group, formed in March to take over the steel mills that LTV abandoned, has agreed to buy a finishing mill in Illinois for $65 million.

ISG Chairman Wilbur Ross said that his company will rehire about 250 steel workers who were laid off when Acme Metals closed the mill last October.

Ross said that ISG did not expect to expand so quickly, but the start-up has gone much more smoothly than he expected.

The mill in Riverdale, Ill., will create finished steel sheets out of raw steel that is being produced at other ISG mills.

The sale price is also a bargain. Ross said that it cost Acme more than $300 million to build the mill.

(Copyright 2002 by The Associated Press. All Rights Reserved.)

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