Kaiser Steel said Wednesday that it has sold its Kaiser International unit, which operates a bulk loading terminal in Los Angeles harbor, to a joint venture of U.S. and Japanese interests.
Directors of financially troubled Kaiser Steel approved the sale of the facility to a joint venture composed of three companies: Cooper/T. Smith Stevedoring; ITS Corp., which is a subsidiary of Kawasaki, and Hiuki America, according to Jeff Desautels, a spokesman for Kaiser Steel. The terminal handles petroleum, coal and coke.
Terms of the deal were not disclosed. Desautels said Kaiser International employs 15 to 20 permanent workers.
The sale, which was made within the last week, was completed as controversy surrounds Kaiser Steel, which is based in Colorado Springs, Colo. The coal and steel company, which is controlled by its chairman and chief executive, Monty H. Rial, is likely to be the target of a proxy fight.
2 Director Slates
Two preferred shareholders--Minneapolis investor Bruce E. Hendry and Fidelity Management & Research--who had agreed to cooperate with the goal of electing a new board majority, are now expected to nominate separate slates of directors at Kaiser's annual meeting Nov. 25.