It is reported that the owners of Crucible Materials Corporation hope a Pennsylvania company's USD 20 million offer to buy two of its divisions will spur others to buy the whole company. Carpenter Technology Corporation of Wyomissing has offered to buy Crucible's compaction metals and research divisions, both in suburban Pittsburgh, for USD 20 million. The offer came in court documents filed last week.

Crucible filed for bankruptcy on May 6th 2009 in US Bankruptcy Court in Delaware citing the economic downturn as the reason. In court filings in July, the company listed USD 17 million in assets and USD 70.4 million in debts.

Under an agreement with its lender, Wachovia Capital Finance Corporation, Crucible has been trying to sell all of its operations, which include Crucible Specialty Metals on State Fair Boulevard in Geddes, as well as the Pittsburgh operations.

Bids for Crucible must be submitted by September 17th 2009. If more than one bidder emerges, an auction will be held on September 21st 2009.

Crucible makes stainless steel, alloy steel, tool steel and valve steel used in the automotive, aerospace, petrochemical and other industries. It also has a research division devoted to advanced metallurgical research and development of new products and processes.

(Sourced from www.syracuse.com)