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Patriot Forge Inc. said Nov. 5 it is prepared to trump Alliance, Ohio-based Durrel Corp.'s $10.7 million offer for bankrupt Erie Forge & Steel Inc.
"I think their bid's probably low," said John Dimitrieff, chairman and founder of Brampton, Ontario-based Patriot Forge, who would not elaborate.
Patriot, which has three plants in Canada and one in Alliance, is one of four steel companies expected to bid for Erie Forge, which filed for Chapter 11 in the U.S. Bankruptcy Court for the Western District of Pennsylvania in Pittsburgh on Dec. 22, 2000.
A winner in the Erie auction should be named on Nov. 15. Cleveland- based Park Corp., the largest producer of cast steel industrial equipment in...