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5/23/2003



Rail News: Rail Industry Trends

International Steel Group seeks STB approval to acquire Bethlehem Steel's eight short lines


International Steel Group (ISG) recently filed an acquisition of control exemption with Surface Transportation Board to form ISG Railways Inc. and obtain the assets of Keystone Railroad L.L.C. — eight short lines owned by Bethlehem Steel Corp.


Earlier this year, ISG reached a purchase agreement with Bethlehem Steel. The combination of the companies would create North America's largest steelmaker, controlling steelmaking operations in Cleveland, Burns Harbor and East Chicago, Ind., and Sparrows Point, Md.; electric furnaces in Coatesville and Steelton, Pa.; and finishing facilities in Ohio, New York, Pennsylvania and Indiana.


If approved by STB, ISG Railways would own and operate three-mile Brandywine Valley Railroad Co., one-and-a-half-mile Cambria and Indiana Railroad Co., 29-mile Conemaugh & Black Lick Railroad Co., 60-mile Lake Michigan & Indiana Railroad Co., 10-mile Patapsco & Back Rivers Railroad Co., eight-mile Philadelphia, Bethlehem and New England Railroad Co., five-mile Steelton & Highspire Railroad Co. and six-mile Upper Merion & Plymouth Railroad Co.


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