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Grupo Simec Announces Contract Clarification with U. S. Steel
05/22/2013 - During a 5-year period, Grupo Simec will supply tube rounds to the U.S. Steel Tubular Products Division. The company estimates that the contract will generate sales of approximately US$1.3 billion.
Due to comments and questions posted by media, analysts, and investors, Grupo Simec S.A.B. de C.V, a subsidiary of Industrias CH, S.A.B de C.V. (ICH), wishes to clarify their contract with U.S. Steel. During the 5-year contract, Grupo Simec will supply tube rounds to the U.S. Steel Tubular Products Division. The company estimates that the contract will generate sales of approximately US$1.3 billion.
The steel will be manufactured at the new electric arc furnace that is being installed at Republic Steel in Lorain, Ohio. This contract alone will utilize 30% of the total capacity of this equipment, which will be coming into operation in the second half of 2013.
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