Library Deals Done
Corporate FinancePorter, White & Company, Inc. was retained in June, 1994 to assist in the location of a new steel minimill for Trico Steel Company, L.L.C., a joint venture among The LTV Corporation, Sumitomo Metals Industries, Ltd., and British Steel, plc. Engineers from three continents were included on the project team.
Working in concert with The Galbreath Company, an international real estate firm, Porter, White & Company, Inc. analyzed sites in five southeastern states from the standpoint of buildability, transportation, access to markets, and other factors. A list of over 60 sites was narrowed to three and our company led negotiations to acquire options on sites and arrange preliminary agreements for governmental incentives.
When Decatur, Alabama was tentatively selected as the preferred site, we assisted in assembling the required property, which involved 14 land transfers, nine principals, two swaps, and a charitable donation. The company coordinated Trico Steel’s role in seeking changes in state law required to assure that governmental incentives offered could lawfully be granted.
Porter, White & Company, Inc. also assisted the project team in documenting the business plan presented to the joint venture partners. The business plan included a market study, a raw materials survey, project schedule and financial projections, among other elements. Trico Steel will bring a new generation of steel making technology to Alabama, as well as the presence of three international steel companies which together produced more steel than any other company in the world at that time.
