Mississippi Firm Buys 80% Interest in Steel Casting

First Mississippi Corp., a diversified natural resource company based in Jackson, Miss., has acquired an 80% interest in Steel Casting Engineering Ltd. of Orange. Terms of the transaction were not disclosed. First Mississippi officials said the company acquired a majority interest in Steel Casting as part of its diversification efforts. First Mississippi is involved in fertilizers, industrial chemicals and coal while Steel Casting specializes in developing techniques for the horizontal, continuous casting of steel.

“Steel Casting fits into our diversification efforts,” said Michael Summerford, First Mississippi’s chief financial officer, in an interview Monday. Summerford said there are no plans to change the management or move the company from Orange County. Summerford said the two companies were brought together through another company owned by First Mississippi.

Steel Casting, which employs about 30, will operate as a subsidiary of First Mississippi.

“We develop technology for the steel industry to improve their efficiency,” said Max Ahrens, founder and president of Steel Casting. He said the privately-held company does not reveal financial information.

For the year ended June 30, 1985, First Mississippi reported net earnings of $19.1 million on revenues of $277 million. Summerford said the company has assets of $395 million.