Steel News

Court Allows Stelco to Extend Deadline for Binding Offers

18 January 2005 - The Superior Court of Justice (Ontario) has approved Stelco Inc.’s application to amend the provisions of its capital raising process. Stelco had applied for permission to extend the deadline for filing of binding offers for Stelco's core business, its non-core subsidiaries, or both, from January 31, 2005 to February 14, 2005.

Advanced Gauging Technologies Celebrates Hundredth Application

18 January 2005 - Advanced Gauging Technologies, Plain City, Ohio, recently sold its one hundredth AGT400 Thickness Gauge & SPC Reporting System to Red Bud Industries, located in Red Bud, Ill. Red Bud will utilize the system as part of an upgrade for MC Steel Inc., Elk Grove Village, Ill.

Danieli to Upgrade Gerdau Ameristeel Finishing Facilities at Whitby, Cartersville

18 January 2005 - Gerdau Ameristeel Corp. recently awarded Danieli Morgårdshammar contracts to upgrade and modernize its Whitby, Ont., and Cartersville, Ga., facilities.

Carpenter Technology Raises Prices on Premium and Specialty Products

17 January 2005 - Carpenter Technology Corp.’s Specialty Alloys Operations unit will increase base prices 7 to 13% on all premium-melted alloys in all product forms, effective immediately on all new orders.

AK Steel Announces February Surcharges

17 January 2005 - AK Steel has advised its flat-rolled carbon steel customers that the company will add a $196 per ton surcharge to invoices for products shipped in February 2005, a decrease of $9 from January's surcharge of $205 per ton. AK Steel has also advised its electrical steel customers that a $410 per ton surcharge will be added to invoices for electrical steel products shipped in February 2005, an increase of $10 from the January surcharge of $400 per ton for those products.

Maverick Tube Realigns Finance Department

17 January 2005 - Maverick Tube Corp. announced realignment of its Finance Department. As part of the realignment, Pamela G. Boone, 41, the company's current Vice President and Chief Financial Officer, will take the position of Vice President and Treasurer. Kevin J. Schnurbusch, 34, the company's Corporate Controller, will take the position of Chief Accounting Officer.

Allegheny Ludlum Wins Fuel Cell Material Development Contract

14 January 2005 - Allegheny Technologies Inc. announced that ATI Allegheny Ludlum has been awarded a subcontract from the University of Pittsburgh with support from the U.S. Department of Energy (DoE) to develop specialty metallic materials for use in fuel cells intended for the power generation industry.

Concast Expands Caster Expertise with Vibromold Technology

14 January 2005 - Concast AG, headquartered in Zurich, and Luxembourg-based Paul Wurth SA, signed an agreement that grants Concast exclusive use of Paul Wurth’s patented Vibromold® technology for the hydraulic oscillation of continuous caster moulds.

Timken Increases 2004 Earnings Estimate

14 January 2005 - The Timken Co. is increasing its 2004 earnings estimate, excluding special items, to $1.30 to $1.35 per diluted share, which compares to a previous estimate of $1.20 to $1.25.

Stelco Hopes to Extend Deadline for Binding Offers

14 January 2005 - Stelco Inc.’s court-appointed Monitor has filed its Sixteenth Report regarding the company's Court-supervised restructuring. The Report outlines the Court-appointed Monitor’s recommendation that the deadline for parties to file binding offers for Stelco's core business, non-core subsidiaries, or both be extended from January 31, 2005 to February 14, 2005.

MEPS International Steel Market Roundup

13 January 2005 - According to MEPS (International) Ltd., U.S. market activity for Flat Products is flat. The mills, faced with weak fourth quarter order books, started seasonal maintenance shutdowns in November that have continued through this month. With high customer inventories, mill transaction prices continue to slip. MEPS has received unconfirmed reports that surcharges are not being universally applied, especially to large volume purchasers. Steel market conditions are expected to improve in the first quarter, and AK Steel Corp. has already announced a $US50 per ton hike. Canadian market activity continues to be subdued, with inventory levels apparently more tailored to present-day demand than those in the US. However, MEPS has monitored further drops in transaction values over the last four weeks.

Wheeling-Pitt Commences Efficiency-Based Technology Initiatives

13 January 2005 - Wheeling-Pittsburgh Steel Corp. announced recent technology initiatives designed to drive business efficiency and enhanced customer service. The company currently uses solutions from i2 Technologies, Inc., and recently began implementing solutions from Steelman Software Solutions Inc. These technology upgrades to the company's computerized planning, order management, mill scheduling and production tracking tools are designed to help gain a competitive edge.

Timken Latrobe to Increase Aerospace Specialty Steel Prices

12 January 2005 - Timken Latrobe Steel announced it would increase prices by 5 to 15% on all remelted aerospace alloys and air melt stainless steel grades. The price change will be effective with all new orders received beginning January 17, 2005. Raw material surcharges will remain in effect.

Cliffs Commences Tender Offer for Portman Limited

12 January 2005 - Cleveland-Cliffs Inc. announced commencement of a negotiated A$3.40 per share all-cash tender offer for all outstanding shares issued by Portman Limited. If the tender offer is fully subscribed, the net acquisition price would total approximately US$465 million (at an exchange rate of A$1 = US$0.77) and would be financed with existing cash and new borrowings of $100 million.

Grupo Imsa Plans to Focus on Mexican Stock Exchange, Drop from NYSE

11 January 2005 - Grupo Imsa, SA de CV’s Board of Directors has approved submission of a proposal to shareholders for delisting its American Depositary Shares (representing American Depositary Receipts or ADRs) from the New York Stock Exchange (NYSE) and the simultaneous termination of its ADR program with The Bank of New York (the Depositary). The proposal will be submitted as part of a general extraordinary shareholders meeting,

Nucor to Expand Cold-Finished Bar Offerings with Fort Howard Facility

11 January 2005 - Nucor Corp. has entered into an agreement to purchase substantially all of the assets of Fort Howard Steel, Inc.'s Oak Creek, Wis., operations.

ISG Program Restores Partial Benefits to Bankruptcy-Stranded Union Retirees

10 January 2005 - Retirees who lost health care benefits in four steel company bankruptcies will have a measure of that coverage restored March 1, thanks to an innovative trust fund bargained by the United Steelworkers of America (USWA) and International Steel Group, Inc.

Bayou Steel Reports Fiscal 2004 Results

07 January 2005 - Bayou Steel Corp. reported net income of $29.8 million on sales of $240.8 million for the year ending September 30, 2004. Results included income reported by Bayou Steel’s predecessor prior to the company’s emergence from bankruptcy on February 18, 2004.

First Quarter Outlook Strong for Steel Technologies

05 January 2005 - Steel Technologies Inc. expects results for the first fiscal quarter to reflect continued substantial increases in volume and sales through its operations.

Seven Potential Bidders Move on to Phase Two of Stelco Sale Process

05 January 2005 - Six parties have demonstrated their interest in participating in Stelco Inc.’s Court-approved capital raising process for its core integrated steel business by submitting detailed proposals by the December 31, 2004 deadline.