Dallas Business Journal - 1:11 PM CDT Thursday, June 14, 2007 Staff Writer
U.S. Steel Corp. said Thursday that it completed the $2.1 billion acquisition of Lone Star Technologies Inc.Pittsburgh-based U.S. Steel (NYSE: X) announced the deal in March, saying it would expand its reach in the oilfield sector. Lone Star makes products to line oil and gas wells and build pipelines.
The deal calls for U.S. Steel to pay $67.50 per share of Dallas-based Lone Star (NYSE: LSS). The company will cease trading on the New York Stock Exchange at the close of market Thursday.
Lone Star operations will be combined with U.S. Steel's tubular division, which will be led by Joseph Alvarado, who was president and COO of Lone Star.
A company spokesman was not able to comment on whether Lone Star operations in Dallas would remain in Dallas.
"That's something I can't comment on, because I don't believe that's something that has been determined about how it will be organized," U.S. Steel spokesman John Armstrong told the Dallas Business Journal Thursday.
Aside from Alvarado being named head of U.S. Steel's tubular division, "where those people will be and who those people will be, has yet to be determined," Armstrong added.
Source : http://charlotte.bizjournals.com/dallas/stories/2007/06/11/daily31.html
U.S. Steel Corp. said Thursday that it completed the $2.1 billion acquisition of Lone Star Technologies Inc.
Pittsburgh-based U.S. Steel (NYSE: X) announced the deal in March, saying it would expand its reach in the oilfield sector. Lone Star makes products to line oil and gas wells and build pipelines.
The deal calls for U.S. Steel to pay $67.50 per share of Dallas-based Lone Star (NYSE: LSS). The company will cease trading on the New York Stock Exchange at the close of market Thursday.
Lone Star operations will be combined with U.S. Steel's tubular division, which will be led by Joseph Alvarado, who was president and COO of Lone Star.
A company spokesman was not able to comment on whether Lone Star operations in Dallas would remain in Dallas.
"That's something I can't comment on, because I don't believe that's something that has been determined about how it will be organized," U.S. Steel spokesman John Armstrong told the Dallas Business Journal Thursday.
Aside from Alvarado being named head of U.S. Steel's tubular division, "where those people will be and who those people will be, has yet to be determined," Armstrong added.
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