MISA Becomes Sole Owner of RSDC of Michigan

NEW YORK, June 29, 2012 /CNW/ - Marubeni-Itochu Steel America Inc. (MISA) announced today that it has reached agreement with Steel Technologies to acquire 100% interest in RSDC of Michigan.  The plant, located in Holt, MI was previously a 50/50% joint venture between the two companies.

RSDC, which operates four (4) Configured Blanking lines, one (1) Cut-to-Length line, and one (1) Slitter line, was established in 1997 as the primary supplier of blanking sheets to several General Motors plants.

This transaction is the latest of MISA's moves in the past several years to organize and streamline its subsidiary operations.

MISA Metal Blanking Inc. (MMB), which is also 100% owned by MISA, has had a plant in Howell, Michigan in the same region as RSDC. MMB has ceased operations at the Michigan plant and will move the blanking line to its Birmingham, Alabama plant. With this move, the MMB Alabama plant will operate two blanking lines, positioning MMB to support the future growth of automobile production in the southern US, as the industry continues its strong recovery from the recent economic downturn.

About RSDC

1. Company Name: RSDC of Michigan, LLC
2. Established: May 1997
3. Location: Holt, Michigan
4. President: Ralph E. Daulton
5. Capital: $ 21,766,000
6. Major equipment:
• Blanking lines - 4
• Cut-to-Length line - 1
• Slitter line - 1

About MMB

1. Company Name: MISA Metal Blanking Inc.
2. Established: March 1997
3. Location: Birmingham, Alabama
4. President: Daniel Combs
5. Capital: $ 10,000,000
6. Major equipment: Blanking lines - 2

About Marubeni-Itochu Steel America Inc. (MISA)
MISA is a fully integrated network of metal processing and manufacturing facilities and sales and service offices strategically located in the United States, Canada and Mexico.  Founded in 2001, the company is a recognized industry leader in all aspects of supply chain management and processed metals for the automotive, construction and other major industries.

MISA is a wholly owned subsidiary of Marubeni-Itochu Steel Inc. and is the subsidiary responsible for international trade, processing and manufacturing operations in the Americas. Marubeni-Itochu Steel Inc. is a global leader in metal trading, processing and manufacturing.  Marubeni-Itochu Steel Inc. employs approximately 7,800 people and operates 45 offices in 23 countries worldwide.

For further information:

Please direct any inquiries to Hugh Thatcher, Vice President, Human Resources & General Affairs, MISA, 212 660-6005, [e-mail]