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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)
MAY 2, 1995
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BAYOU STEEL CORPORATION
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(Exact name of registrant as specified in its charter)
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DELAWARE 33-22603 72-1125783
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
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RIVER ROAD, P.O. BOX 5000, LAPLACE, LOUISIANA 70069
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(Address of principal executive offices)
(Zip Code)
(504) 652-4900
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report.)
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Item 2. OTHER EVENTS
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Bayou Steel Corporation has completed the acquisition of the assets of
Tennessee Valley Steel of Harriman, Tennessee, for $30.5 million on April 28,
1995. The acquisition was financed with a combination of existing resources and
the company's line of credit. Permanent financing is expected to be completed
shortly. The newly acquired Tennessee facility is a wholly owned subsidiary of
Bayou Steel Corporation.
Bayou Steel expects to operate Bayou Steel Corporation (Tennessee) as a
complement to its Louisiana-based minimill which produces light structural steel
made from recycled scrap metal. This strategic acquisition will allow Bayou
Steel to more fully utilize its assets at its Louisiana minimill, where an idled
second furnace will be reactivated to provide steel billets for its new
Tennessee operation. Bayou Steel of Tennessee will utilize its rolling mill and
shipping facilities to convert billets into merchant bar shapes and to warehouse
and ship directly to customers. These products will complement Bayou Steel's
current product line, giving it one of the widest ranges of bar and light
structural steel in the domestic industry.
Item 7. EXHIBITS
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(99) News Release dated May 2, 1995.
Page 2
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SIGNATURE
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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.
BAYOU STEEL CORPORATION
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(Registrant)
By /s/ Richard J. Gonzalez
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Richard J. Gonzalez,
Vice President, Treasurer, Chief
Financial Officer, and Secretary
Date: May 2, 1995
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INDEX TO EXHIBITS
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EXHIBIT
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99 News Release dated May 2, 1995
Page 4
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Exhibit 99
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CONTACT: RICHARD J. GONZALEZ
VICE PRESIDENT, CHIEF FINANCIAL
OFFICER, TREASURER & SECRETARY
(504) 652-4900
FOR IMMEDIATE RELEASE
BAYOU STEEL CORPORATION
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ACQUIRES ASSETS OF TENNESSEE VALLEY STEEL
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LaPlace, Louisiana (May 2, 1995) --- Bayou Steel Corporation announced that it
has completed the acquisition of the assets of Tennessee Valley Steel of
Harriman, Tennessee, for $30.5 million. The acquisition was financed with a
combination of existing resources and the company's line of credit.
Finalization of the permanent financing is expected to be completed shortly.
The newly acquired assets will be named "Bayou Steel Corporation (Tennessee)"
and is a wholly owned subsidiary of Bayou Steel Corporation.
Bayou Steel expects to operate Bayou Steel Corporation (Tennessee) as a
complement to its Louisiana-based minimill which produces light structural steel
made from recycled scrap metal. Jerry M. Pitts, President and COO of Bayou
Steel Corporation, said "this strategic acquisition will allow Bayou Steel to
more fully utilize its assets at its Louisiana minimill, where an idled second
furnace will be reactivated to provide steel billets for its new Tennessee
operation. Bayou Steel of Tennessee will utilize its rolling mill and shipping
facilities to convert billets into merchant bar shapes and to warehouse and ship
directly to customers. These products will complement Bayou Steel's current
product line, giving it one of the widest ranges of bar and light structural
steel in the domestic industry."
Bayou Steel plans to add 40 employees at its Louisiana facility and
approximately 120 at the Tennessee rolling mill.
Located on the Mississippi River, Bayou Steel operates three stocking
locations along the inland waterway system near Pittsburgh, Chicago, and Tulsa.
The common stock of Bayou Steel Corporation is traded on the American Stock
Exchange under the symbol "BYX".
