Slater Steel Inc., a mini-mill producer of specialty steel products, purchased an industrial facility located at 12228 New Ave. in Lemont, IL for $7 million, $19.88 per square foot. The company acquired the 352,184-square-foot property from the Austeel Lemont Division of Auburn Steel Co. The site is approximately 55-acres and is located 35 miles west of downtown Chicago. The building features 4,876 feet of Chicago Sanitary and Ship Canal frontage, a BNSF rail-line, power generators, a water tower, a sewage plant, and heavy power. The company is expecting to begin operations in the building in fourth quarter 2002. Benjamin Cremer and Gerard Keating of NAI Hiffman represented both the seller and owner of the transaction.