Singapore based steel stockiest & distributor Union Steel announced last month the signing of a non-binding term sheet to acquire the entirety of BTH Holdings for USD 17 million. BTH Holdings is a company that is in various businesses catering to the offshore oil and petroleum industries. These businesses include the installation of industrial machinery and equipment, manufacture of pressure vessels, heat exchangers and plant and metal fabrication. Under the term sheet, the consideration for the acquisition of all the shares will be USD 17 million, subject to adjustments to be agreed upon between the two sides. Union Steel believes that this acquisition represents an attractive investment opportunity which will diversify its revenue streams. It added that this is in line with its expansion plans into complementary business areas within the marine, offshore and oil & gas industries through strengthening its engineering and manufacturing capabilities. Union Steel also believes that this will strengthen its competitive advantage, value proposition and provide a holistic engineering solution to existing customers. This will lead to it eventually gaining access to new markets, customers and business opportunities.Union Steel’s history can be traced back to 1984 when it commenced operations with the incorporation of YLS Steel Pte Ltd to principally trade in scrap metals. In 1988, it incorporated Yew Lee Seng Metal Pte Ltd for the collection and recycling of scrap metals and demolitions and waste management services. In 1991, it incorporated Union Steel Pte Ltd to engage in the collection, recycling and trading of non-ferrous scrap metals and trading of non-ferrous products. The Group acquired Lim Asia Steel Pte Ltd in 2008 to expand its ferrous scrap collection and recycling services. It is a stockist for a wide range of steel products such as steel reinforcement bars, steel plates, H beams, I beams, pipes, sheet piles and non-ferrous products such as stainless steel and aluminium.