National Coal Will Buy All Shares of Mann Steel Products for $55 Millionadmin
National Coal Corp., which operates coal mines in Tennessee and Kentucky, said Friday it agreed to buy all Mann Steel Products Inc.’s stock for $55 million.
Mann Steel Products, based in Birmingham, Ala., produces steam and industrial coal.
National Coal will add more than 1 million tons of capacity to National Coal’s existing annual production capacity of about 2 million tons.
The deal is expected to close in the third quarter.
Shares of National Coal were unchanged at $4.75 in morning trading.
Information from: AP via Yahoo News