US-based Edgen Murray announced Wednesday that it has signed an asset purchase agreement to acquire substantially all of the assets and certain liabilities of PetroSteel International through a wholly owned subsidiary.

The closing of the acquisition is subject to customary closing conditions, including the receipt of third party financing, and is expected to occur on or around April 30, 2007.

PetroSteel is a US-based distributor of specialty offshore grade steel plates and profiles headquartered in Bala Cynwyd, Pennsylvania. PetroSteel's revenues for the year ended December 31, 2006 were approximately $92 million.

"We believe the acquisition of PetroSteel will broaden our offshore product base allowing us to provide a comprehensive supply solution to our customers in the oil and gas industry," said Dan O'Leary, Edgen Murray's CEO.

Edgen Murray is a global distributor of high performance carbon and alloy steel products used primarily in specialized applications in the energy market, including the oil and gas processing and power generation industries.

The products Edgen Murray distributes are highly engineered prime carbon or alloy steel pipe, pipe components and high grade structural sections and plates, which are designed to withstand corrosive or abrasive material and possess performance characteristics required in extreme operating conditions, including high pressure and high/low temperature environments.

Edgen Murray currently serves customers in more than 50 countries worldwide through 23 locations internationally, including 15 in the US, two in Canada, three in Europe/West Africa, two in Asia/Pacific, and one in the Middle East.