Grupo Simec S.A.B de C.V. (NYSE:SIM) announces contract clarification with US Steel
CANTON, Ohio, May 16, 2013 /PRNewswire/ -- Due to comments and questions posted by media, analysts, and investors, Grupo Simec S.A.B. de C.V. (NYSE: SIM) (Simec), 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 1.3 billion dollars.
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 at the end of the second semester 2013.
Mario Moreno Cortez
SOURCE Grupo Simec, S.A.B. de C.V.