Cyclops Industries to Sell Its Specialty Steel Division

Cyclops Industries Inc. said it reached an agreement in principle to sell its Cytemp Specialty Steel division to Special Metals & Technologies Corp. at undisclosed terms. Special Metals is parent of Special Metals Corp. in New Hartford, N.Y.

Cytemp Specialty produces alloys, high-performance stainless steels and other steels designed for critical applications. The division’s three plants in Pennsylvania employ about 1,200 workers.