WHX and Allegheny Ludlum are both steelmakers, but Allegheny is in the premium end of the business, while WHX produces lower-priced, commodity-grade products, primarily carbon steels.
In addition, Allegheny Ludlum has been consistently profitable for the last decade and a half, while Wheeling-Pittsburgh spent years under protection of bankruptcy laws as the basic steel business slumped.
We believe that this proposed acquisition will provide Allegheny Ludlum with an opportunity to increase operating income and earnings per share beginning in the first year by allowing us to strengthen our profitability in stainless steel plate and other high-value specialty steel plate products, and providing operating and other synergies," said Robert P.
Bozzone said, "The proposed transaction will transform Allegheny Ludlum from a marketer to a cost-competitive producer of stainless steel plate, with a stronger focus on specialized applications.
Power's proposed transition plan is subject to final approval by the Public Service Commission.
Safety is the cornerstone of our business culture at Allegheny
Power, and receiving this honor is indicative of the commitment we have made to ensure the health and well-being of our employees," said David E.
Power and PJM will continue to carefully monitor the situation and request the public's assistance as necessary.
Earlier this year, the commission authorized Allegheny
to install environmental control equipment (scrubbers) at the company's Fort Martin power plant in West Virginia.
looks forward to working with PJM and the other stakeholders to address these issues, including the company's role in longer-term transmission construction programs.
All surcharges will remain in effect as described on the Allegheny
Ludlum website www.
Energy (NYSE:AYE) today announced a proposal by its electricity delivery business, Allegheny
Power, to build the Trans-Allegheny
Interstate Line - a new transmission line from West Virginia to central Maryland.
A taped replay of the panel discussions will be available on the Allegheny
Energy site after the live webcast.
to construct and operate scrubbers and related facilities at the coal-fired power plant;
will purchase up to two million tons annually of the mine's output.
Under the new contracts, Allegheny
Energy Supply will provide Hagerstown, Thurmont and Williamsport with approximately 525,000 megawatt-hours annually of generation and associated services at fixed prices.