December 10, 2016 1:51 PM ET

Metals and Mining

Company Overview of Union Electric Steel Corporation

Company Overview

Union Electric Steel Corporation produces and supplies forged hardened steel, cast iron, and cast steel back up rolls. It produces rolls for the ferrous and non-ferrous rolling industries in the United States and internationally. The company was founded in 1923 and is based in Carnegie, Pennsylvania with manufacturing facilities in Burgettstown, Erie, and Carnegie, Pennsylvania; and Valparasio, Indiana. It also has a sales office in Lummen, Belgium; and operations in the United Kingdom. Union Electric Steel Corporation operates as a subsidiary of Ampco-Pittsburgh Corp.

726 Bell Avenue

P.O. Box 465

Carnegie, PA 15106

United States

Founded in 1923

Phone:

412-429-7655

Fax:

412-276-1711

Key Executives for Union Electric Steel Corporation

Vice President of Finance
Managing Director of Union Electric Steel Uk Limited
Vice President of Technology
Vice President of Information Systems
Compensation as of Fiscal Year 2016.

Union Electric Steel Corporation Key Developments

Ampco-Pittsburgh Corporation, Air & Liquid Systems Corporation, Union Electric Steel Corporation, Alloys Unlimited and Processing, LLC, Akers National Roll Company, Union Electric Steel UK Limited, and kers Sweden AB Enter into Revolving Credit and Security Agreement with Lenders

On May 20, 2016, Ampco-Pittsburgh Corporation (Ampco), and its subsidiaries Air & Liquid Systems Corporation, Union Electric Steel Corporation, Alloys Unlimited and Processing, LLC, Akers National Roll Company, Union Electric Steel UK Limited, and kers Sweden AB, (collectively the Corporation) entered into a Revolving Credit and Security Agreement with certain lenders, the guarantors party thereto, PNC Bank, National Association, as administrative agent, and the other agents party thereto. The Credit Agreement provides for a $100,000,000 senior secured asset-based revolving credit facility, which can be increased up to $150,000,000, subject to certain conditions in the Credit Agreement, at the option of the Corporation, provided that existing or new lenders under such Revolving Facility agree to provide such additional funding. A portion of the Revolving Facility, not in excess of $40,000,000, will be available for the issuance of letters of credit. The Revolving Facility will replace Ampco's existing revolving credit and letter of credit facilities. The Revolving Facility expires on May 20, 2021. Borrowings under the Revolving Facility will initially bear interest at a rate per annum equal to an agreed applicable margin, which includes interest rate spreads based on available borrowing capacity that range between 1.25% and 1.75% for LIBOR-based borrowings and 0.25% and 0.75% for domestic rate borrowings. The Credit Agreement contains certain covenants, including, among others, a minimum fixed charge coverage ratio; limitations on the corporation's ability to incur additional debt and liens, become liable with respect to guaranties, or pay dividends; limitations on the corporation's ability to consummate a merger, consolidation, acquisition, or disposition of certain assets other than as prescribed by the Credit Agreement; and limitations on the corporation's ability to change the nature of its business.

Union Electric Steel Corporation Announces Retirement of Robert G. Carothers as Chairman and Chief Executive Officer

Union Electric Steel Corporation announced that Robert G. Carothers will retire as Chairman and Chief Executive Officer, effective April 30, 2016.

Union Electric Steel Corporation Announces Management Changes

Ampco-Pittsburgh Corp. announced that the Chairman and Chief Executive Officer of its Union Electric Steel Corporation subsidiary, Robert G. Carothers, will retire, effective April 30, 2016. To begin an orderly leadership transition, Rodney L. Scagline, Executive Vice President of the Company, has been designated to succeed Mr. Carothers and has been promoted to President of Union Electric Steel, effective November 1, 2015. Mr. Carothers will continue to serve as CEO until his retirement in 2016, at which time Mr. Scagline will assume full responsibility for Union Electric Steel, its subsidiaries and joint ventures.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
November 1, 2016
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