Steel News

Gibraltar Amends Credit Facility, Completes Notes Offering

14 December 2005 - Gibraltar Industries, Inc. has amended its senior secured credit facility and completed a private offering of senior subordinated notes.

MEPS Releases Latest Composite Steel Price Forecasts

14 December 2005 - In November, the world All Products price fell back slightly more than anticipated. MEPS says the decrease can be attributed to significant reductions in Asian values due to oversupply. EU values fell as a result of poor demand in the long products segment and weaker long product figures. North American flat product prices were stronger as the result of higher scrap costs. MEPS says that concerns about global oversupply — mainly as a result of new capacity installations in China — have prompted the group to downgrade its forecast through 2006 by 2%. This assumes regulation of output to a level near to real demand. If this does not occur, further downgrades may be necessary in future.

Russel Metals Director Tenders Resignation

13 December 2005 - Mr. Pierre Brunet has notified Russel Metals Inc. that he will resign from the company’ Board of Directors effective December 31, 2005, due to his increased workload as Chairman of the Caisse de depot et placement du Quebec. Mr. Brunet had assumed his role as Chairman after joining the Russel Metals Board of Directors.

Timken Exec Honored as 2006 Premier 100 IT Leader

13 December 2005 - Timken Co.’s Jon Elsasser, Senior Vice President and Chief Information Officer, has been recognized by IDG's Computerworld as one of the business world's Premier 100 IT Leaders.

Ipsco Appoints New Corporate Treasurer

13 December 2005 - Ipsco Inc. announced that Gregory R. Burnett has joined the company as Corporate Treasurer.

International Coal Group Closes Public Offering

13 December 2005 - International Coal Group, Inc. has successfully closed its public offering of 21,000,000 million common shares at a price of $11.00 per share. The company received approximately $209.9 million, net of expenses, which will be used to retire long-term debt.

Stelco Stay Extended to January 31, 2006

13 December 2005 - The Superior Court of Justice (Ontario) has granted an Order to Stelco Inc. extending the stay period under its Court-supervised restructuring until January 31, 2006.

Steel Technologies Files Annual Report on Form 10-K

12 December 2005 - Steel Technologies Inc. reported that it is filing its Annual Report on Form 10-K for fiscal 2005, which reflects a non-cash adjustment from its November 1, 2005 preliminary release to increase deferred tax liabilities as of September 30, 2005.

Stelco Court Monitor Files 42nd Report

12 December 2005 - Stelco Inc.’s court-appointed Monitor has filed its forty-second report regarding the company's Court-supervised restructuring.

Allegheny Technologies Announces Dividend Increase, 2006 Capital Plan

12 December 2005 - Allegheny Technologies Inc. announced that it will increase its quarterly dividend by 67%, to $0.10 per share. The dividend is payable on December 27, 2005, to stockholders of record at the close of business on December 19, 2005.

Stelco Creditors Approve Third Amended Restructuring Plan

12 December 2005 - Stelco Inc. announced that a third amended restructuring plan was approved by affected creditors at the previously-adjourned meeting that resumed on Friday. Affected creditors of certain Stelco subsidiaries also voted to approve the plan at other meetings resumed the same afternoon.

Trade Associations Endorse Conclusions of U.S.-China Commission Report

09 December 2005 - Representatives of NAFTA steel industry trade associations endorsed key trade conclusions of the recently released “November 2005 Report to Congress of the U.S.-China Economic and Security Review Commission.”

Stelco Approves Second Amended Restructuring Plan

09 December 2005 - Stelco Inc. announced late Thursday afternoon that its Board of Directors has approved a second amended restructuring plan for consideration by its creditors. The second amended plan will be filed with the Court before the previously adjourned meetings of affected creditors resume on Friday, December 9, 2005.

Timken Names Senior Technology Vice President

08 December 2005 - The Timken Co. announced the appointment of Alastair R. Deane as Senior Vice President — Technology, reporting to President and CEO James W. Griffith. Deane will lead Timken's global technology efforts in support of generating value and achieving the company's growth targets.

Carpenter Raises Prices on Premium Melted Specialty Alloys

08 December 2005 - Carpenter Technology Corp.’s Specialty Alloys Operations unit announced that it will increase base prices an average of 10% on all premium-melted alloys in all product forms. The increase is effective immediately on all new orders.

Stelco Court Monitor Files 41st Report

08 December 2005 - Stelco Inc.’s court-appointed Monitor has filed its forty-first report regarding the company's Court-supervised restructuring.

AK Steel Presents Supplier of the Year Awards

07 December 2005 - AK Steel recently honored six of its suppliers as part of its "2005 Supplier of the Year" program.

Worthington Names COO, President of Cylinders

07 December 2005 - Worthington Industries' Chairman and CEO John P. McConnell announced the appointment of George P. Stoe as Executive Vice President and Chief Operating Officer. Harry A. Goussetis, Vice President of Human Resources, succeeds Stoe as President of Worthington Cylinders.

ITC to Conduct Sunset Reviews for Stainless Pipe from Korea and Taiwan

07 December 2005 - The U.S. International Trade Commission (ITC) announced it will conduct full five-year reviews of the antidumping duty orders on welded stainless steel pipe imported from Korea and Taiwan (Inv. Nos. 731-TA-540 and 541 (Second Review)).

Stelco Stay Extended to December 12

07 December 2005 - Stelco Inc. was granted an Order of the Superior Court of Justice (Ontario) extending the stay period under its Court-supervised restructuring until December 12, 2005.