TPT July 2007

Industry News

US Steel to acquire Lone Star Technologies

event news in brief… Event News in Brief…

United States Steel Corp has announced it is to acquire Lone Star Technologies Inc, USA, a leading manufacturer of welded oilfield tubular goods. The agreement was unanimously approved by the boards of directors of both US Steel and Lone Star. US Steel expects that the acquisition of Lone Star will strengthen its position as a premier producer of tubular products for the energy sector and will create North America’s largest tubular producer. The transaction is designed to broaden US Steel’s energy product offerings by Order your subscription online @:

combining its predominantly seamless tubular business with Lone Star’s complementary welded tubular business. Following the transaction, US Steel will have an annual North American tubular capability of approximately 2.8 million tons. US Steel expects this acquisition to lead to an annual pre-tax operating yield in excess of US$100mn by the end of 2008. Mr John P Surma, chairman and CEO of US Steel, commented, “This transaction represents a compelling strategic opportunity for US Steel to strengthen our position as a supplier to the robust oil and natural gas sector.” Mr Rhys Best, chairman and CEO of Lone Star stated, “Our complementary strengths will better position Lone Star to pursue significant new growth opportunities for the benefit of our customers, distributors and end users.”

A conference dedicated to the Middle East’s steel industry took place from 12-14 May 2007, at Dubai’s Fairmont Hotel, UAE. Titled ‘Steel

Wonder of the World’ (www.ourmetals. com), the conference was organised by Our Metals and Russian partners, Rusmet. The conference welcomed producers and traders of steel, stainless steel, and tube and pipe, with a platform for Russian and Middle East companies.

The 2 nd Iranian international tube & profile exhibition (email: ajoop_1357@yahoo. com) will be staged from 25-27 July 2007 in Tehran, Iran. Last

year’s show met with notable interest from companies wishing to make inroads into the Iranian market. Products on display will include tube, pipe and profiles (stainless steel, steel, aluminium, PVC and UPVC), and a host of machinery such as cutting, bending, forming and welding equipment.

United States Steel Corp – USA Fax : +1 412 433 5016 Website : www.uss.com

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J uly /A ugust 2007