The evaluation is under process with the S.E.C. along with the filing of a $115 million initial public offering. Financial statements in the offering prospectus, show that it had revenue of $278.4 million in 2005, compared with $239.6 million in 2004. H.I.G. Capital, the hedge fund that bought the former CitiSteel USA plant, has not set a date or a per-share price for the offering.
The plant manufactures plate steel out of scrapped railroad cars, automobiles, dryers, washers, tin cans and machine shop shavings. They then convert the scrapped steel into plate steel for things like bridges and rail cars. The facilities are specifically configured to provide low-cost steel plate in small order sizes and non-standard dimensions. Their net income for 2005 was $28.1 million; for 2004 it was $42 million
H.I.G. Capital has $3 bn in equity capital under management. Based in Miami, with offices in Atlanta, Boston, and San Francisco, the hedge fund currently has a controlling interest in more than 40 companies with combined revenues in excess of $5 Billion.
Alex Akesson
Contributing Writer
HedgeCo.Net
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