Tube City parent expected to launch stock offering

Tube City Corp. parent TMS International Corp. plans to roll out $200 million worth of shares in an initial public offering expected next week.

According to a filing with the Securities and Exchange Commission, the Glassport-based scrap metals company will price an offering of 12.5 million shares at $15 to $17 apiece, making the IPO worth between $188 million and $212 million.

The company, which first registered its intent to go public last May, would trade on the New York Stock Exchange under the symbol, "TMS."

Renassaince Capital, an IPO research firm, said IMS and a group of selling shareholders would take their shares to market.

TMS spokesman Jim Leonard declined comment, citing federal restrictions on company comments while an offering is pending.