| Deal Description | Inland Steel Company added the net proceeds from this transaction to its general funds, which were used in conjunction with other funds for capital expenditures for property, plant, and equipment. In September 1974, the Board of Directors considered a major expansion program at the company's Indiana Harbor Works located in East Chicago, Indiana. Capital expenditures were authorized for the first phase of the program consisting of a new blast furnace, coke oven battery, boiler-blower house, and raw materials dock and storage yard. The second of the program, not yet approved at the time of the deal, contemplated additional major projects, including a 4-meter plate mill, improvements to the company's basic oxygen furnaces, a second slab casting machine, and additional iron ore supplies. |
|---|
