S&P puts Standard Steel on positive watch

Standard & Poor's said that it placed the ratings on Standard Steel LLC, including the B corporate credit rating, on CreditWatch with positive implications.

The rating action follows the company's announcement that its parent company Steel Wheels Acquisition Corp. has agreed to be sold to Sumitomo Metals Industries Ltd. and Sumitomo Corp. (A/Stable/A-1) for $340 million, the agency said.

The transaction is expected to close before year-end, subject to the receipt of regulatory approvals, the agency added.

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