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
________________
January 23, 1997
Date of Report (Date of Earliest Event Reported)
NIAGARA CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 0-22206 59-3182820
(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction Identification No.)
of Incorporation)
667 Madison Avenue
New York, New York
(Address of Principal Executive Offices)
10021
(Zip Code)
(212) 317-1000
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS.
On January 23, 1997, Niagara Corporation (formerly
International Metals Acquisition Corporation), a Delaware
corporation (the "Registrant"), entered into a Letter of Intent
(the "Letter of Intent") with Quanex Corporation, a Delaware
corporation (Quanex"), and LaSalle Steel Company, a Delaware
corporation and wholly owned subsidiary of Quanex ("LaSalle"),
with respect to the proposed acquisition by the Registrant of all
outstanding capital stock of LaSalle (the "Proposed
Acquisition"). The Proposed Acquisition is subject to the
satisfaction of certain conditions including, among others, the
satisfactory completion of the Registrant's due diligence review,
the negotiation and execution of a mutually acceptable stock
purchase agreement and the receipt of necessary approvals. A
copy of the Registrant's press release announcing the execution
of the Letter of Intent is attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 Press Release dated January 23, 1997.
SIGNATURE
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.
NIAGARA CORPORATION
By:/s/Michael Scharf
Name: Michael Scharf
Title: President
Date: January 29, 1997
EXHIBIT INDEX
Exhibit No. Description Page No.
99.1 Press Release dated January 27, 6
1997.
EXHIBIT 99.1
(LOGO)
NIAGARA CORPORATION
FOR IMMEDIATE RELEASE
NIAGARA ANNOUNCES
INTENT TO ACQUIRE
LASALLE STEEL COMPANY
New York, New York - January 23, 1997 - Niagara Corporation
(NASDAQ:NIAG) announced today that it has entered into a letter
of intent to acquire LaSalle Steel Company from Quanex
Corporation.
Consummation of the acquisition is subject to completion of due
diligence, negotiation and execution of a definitive agreement,
and receipt of necessary approvals.
LaSalle Steel, with plants located in Hammond, Indiana and
Griffith, Indiana, is a state-of-the-art manufacturer of cold-
finished and chrome-plated steel bars used primarily by
automotive and durable goods manufacturers.
Niagara Corporation, with plants in Buffalo, New York,
Chattanooga, Tennessee and Midlothian, Texas, is also a leading
producer of cold finished steel bars.
Contact: Michael Scharf, Chairman and CEO
Niagara Corporation
667 Madison Avenue
New York, New York 10021
(212) 317-1000
