Antitrust review ends with buyout favored

CLEVELAND (AP) -- The U.S. Justice Department ended its antitrust review Wednesday of International Steel Group's proposed buyout of bankrupted Weirton Steel Corp., disagreeing with tin consumers and others who fear the deal could lead to a tin industry monopoly.
The department closed its review without acting, spokeswoman Gina Talamona said. That means the department did not find evidence to back up concerns raised by competing bidders and companies that make products sold in tin containers. The companies fear that the deal, if approved, will lead to higher prices for pet food, hairspray and other consumer goods sold in tin containers.
Weirton's board of directors is reviewing two bids for the company. Heading into an auction Tuesday, Cleveland-based ISG was offering $255 million for Weirton. A group of creditors seeking to recover its losses, the Informal Committee of Senior Secured Noteholders, had countered with $261 million.
Afterward, attorneys for the bidders, Weirton officials and the Independent Steelworkers Union refused to divulge the final offers.