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Chaparral Steel on the Block

Shares of the steel-beam maker surge after the company says it's exploring options.
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Shares of

Chaparral Steel

(CHAP) - Get Free Report

jumped 14% Wednesday after the steel-beam maker signaled it may be up for sale.

Chaparral said it has hired Goldman Sachs to help it review strategic alternatives, including a merger, sale, recapitalization or partnership.

"The Company will only pursue transactions that reflect the full value of this great company," said Tommy Valenta, president and chief executive. "To capture that value, all strategic alternatives will be considered."

Chaparral said it won't provide an update on its plans until its board approves a definitive deal.

Shares of Chaparral were up $8.91 to $72.88 in early trading.