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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 3, 1997
QUANEX CORPORATION
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(Exact name of registrant as specified in its charter)
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Delaware 1-5725 38-1872178
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(State of Incorporation) (Commission File No.) (I.R.S. Employer Identification No.)
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1900 West Loop South, Suite 1500
Houston, Texas 77027
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (713) 961-4600
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ITEM 5. OTHER EVENTS
On December 3, 1997, Quanex Corporation announced that it has completed the
previously announced sale of Michigan Seamless Tube, Gulf States Tube, and
Tube Group Administrative Office operations to Vision Metals, Inc., a new
company formed by existing Tube Group management and Citicorp Venture
Capital, Ltd. The sale is valued at approximately $30 million cash plus
assumption of specified liabilities, subject to post-closing adjustments.
According to Quanex President and CEO Vernon Oechsle, proceeds from the
sale of these assets will be used to improve Quanex's debt structure and for
investment in the company's value-added businesses.
Michigan Seamless Tube, located in South Lyon, Michigan, produces cold
drawn seamless steel tubing and drawn-over-mandrel welded steel tubes. Gulf
States Tube, based in Rosenberg, Texas, manufactures hot finished seamless
carbon and alloy steel pipes, cold drawn tubing, and welded tubing. Vision
Metals' headquarters, the former administrative offices of the Tube Group, is
located in Ann Arbor, Michigan.
Quanex is a technological leader in the production of value-added
engineered steel bars, aluminum flat-rolled products, and impact-extruded
aluminum and steel products for transportation, capital equipment, and
residential construction processing markets.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
QUANEX CORPORATION
/s/ VIREN M. PARIKH
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Dated: December 3, 1997 Viren M. Parikh
Corporate Controller
