With the proceeds from the sale, Birmingham Steel will reduce its debt by $30 million. The company also will be freed from some $70 million in lease obligations, according to the firm's prepared statement. As of Dec. 29, Birmingham Steel has no further involvement in the Cartersville facility.
Birmingham Steel operates in the mini-mill segment of the steel industry. Birmingham Steel's stock is traded on the OTC Bulletin Board under the symbol BIRS.
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