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Sheffield Steel in Sand Springs being sold

Updated:
SAND SPRINGS, Okla. (AP) _ Oklahoma's only steel mill is being sold to a Canadian based company.

Officials with Sheffield Steel in Sand Springs say they have an agreement in which Gerdau Ameristeel of Toronto will buy all of Sheffield's outstanding stock.

The purchase price is expected to be about $76-million and the new owner will take on about $94-million of debt owed by Sheffield.

Sheffield has about 450 employees at it plant in Sand Springs.
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