The parent of Tube City has agreed to be acquired in an all-cash deal valued at about $1 billion, according to an announcement by the two parties in the venture issued this morning.
TMS International Corp., based in Glassport, will be bought by members of the Pritzker family, for $17.50 per share.
The deal is expected to close in the fourth quarter.
The company, which expects to become private after the sale, describes itself as the largest provider of outsourced industrial services to steel mills in North America measured by revenue.
TMS, according to the announcement, provides mill services at 81 customer sites in 12 countries and operates 36 brokerage offices.
The Pritzker Organization is the merchant bank for the interests of certain members of the Pritzker family. The organization's investments include Hyatt Hotels, Triton Container and the Marmon Group.
TMS shares closed Friday at $15.57.