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Two Rival Steelmakers Merging: Armco Inc. will purchase rival Cyclops Industries Inc. of Pittsburgh in a deal valued at $156.2 million, the companies said. Armco, the nation’s fifth-largest steelmaker, will pay $22--half in cash and half in Armco stock--for each of the 7.1 million outstanding shares of Cyclops common stock. When the merger is completed, James F. Will, president and chief executive of Cyclops, will become president and chief operating officer of Armco, which is headquartered in Parsippany, N.J.
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