Steel News

SMS Demag to Supply Meltshop, CSP, and Finishing Equipment for SeverCorr

28 November 2005 - SeverCorr LLC has placed an order with SMS Demag, Germany, for the supply of all production facilities for its integrated works, ranging from steelmaking to the hot strip mill, cold rolling mill and strip surface finishing.

Key Stelco Stakeholders Reach Agreement on Restructuring Plan

25 November 2005 - Key Stelco stakeholders have reached a consensual agreement on the economic terms of a restructuring plan.

Arcelor Extends Take-Over Bid for Dofasco

24 November 2005 - Dofasco Inc.’s Board of Directors is reviewing an unsolicited all-cash takeover bid from Arcelor SA for all outstanding Dofasco common shares.

Ryerson Tull Appoints New Director

23 November 2005 - Ryerson Tull’s Board of Directors has appointed Dennis J. Keller to the company's board of directors.

International Coal Group Lists Common Stock on NYSE

23 November 2005 - International Coal Group, Inc. announced that its common stock had been admitted for trading on the New York Stock Exchange.

GM North America Announces Major Capacity Reductions

23 November 2005 - General Motors announced it will undergo a wide-ranging restructuring of its manufacturing operations in the United States and Canada.

L.B. Foster and Chaparral Steel Team up for New Orleans Levee Restoration

22 November 2005 - Pittsburgh-based L.B. Foster Co. announced that their Construction Products unit has been awarded a series of contracts, initially valued in the range of $3 million, to provide American-manufactured piling to multiple contractors for use on levee restoration projects in the City of New Orleans.

Timken Latrobe to Increase Specialty Steel Prices

22 November 2005 - Timken Latrobe Steel announced it would increase prices by 3 to 8% on all remelted aerospace alloys. The price change will be effective immediately on all new inquiries and for all new orders received beginning Dec. 1, 2005.

Paulson Asserts Right of Shareholders to Consider Algoma Business

22 November 2005 - Paulson & Co. Inc., which holds (directly and indirectly) 19.0% of the outstanding shares of Algoma Steel, asserted the right of Algoma shareholders to requisition a special meeting, elect directors and consider company business as provided by Ontario law.

Algoma Calls Special Meeting of Shareholders

22 November 2005 - Algoma Steel’s Board of Directors has called a special meeting of shareholders to be held in Toronto on Wednesday, March 22, 2006.

Stelco Creditor Meetings Adjourned Again

22 November 2005 - Stelco Inc. announced that the meeting of its creditors has been further adjourned until Wednesday, November 23, 2005. Meetings of creditors of Stelco’s subsidiaries will also be adjourned to the same date.

AK Steel Announces December Surcharges

18 November 2005 - AK Steel will add a $228 per ton surcharge to invoices for flat-rolled carbon steel products shipped in December 2005. The company will also add a $330 per ton surcharge to invoices for electrical steel products shipped in the same period.

California Steel Avoids Penalty with Disclosure to EPA

18 November 2005 - California Steel Industries, Inc. was one of thirteen companies recently recognized by the U.S. EPA's Pacific Southwest Office for voluntarily disclosing and quickly correcting their federal Emergency Planning and Community-Right-to-Know Act violations.

WCI Steel Noteholders and USW Reach Agreement

18 November 2005 - WCI Steel could emerge from chapter 11 bankruptcy proceedings based on the tentative agreement reached between representatives of the secured noteholders of WCI Steel and the United Steelworkers. The tentative agreement addresses a proposed collective bargaining agreement and modifications to the plan of reorganization.

Stelco Court Monitor Files 39th Report

17 November 2005 - Stelco Inc.’s Court-appointed Monitor has filed its thirty-ninth report regarding the company's Court-supervised restructuring.

Quanex CFO to Leave at End of 2005

16 November 2005 - Quanex Corp. announced that Terry M. Murphy, Senior Vice President--Finance and Chief Financial Officer, has decided to leave Quanex on December 31, 2005, to accept a position at another NYSE listed company.

Tentative Deal Reached in Ipsco Labor Negotiations

16 November 2005 - Ipsco Inc. and United Steelworkers Locals 5890 and 6673 have reached a tentative agreement for early renewal of their collective agreements.

Bayou Steel to Upsize Line of Credit

15 November 2005 - Bayou Steel Corp. is amending and restating its line of credit from $45 million to $75 million. The newly amended line will also provide lower borrowing rates, higher advance rates, and a nearly four year extension of the current arrangement.

Commercial Metals Acquires Norfolk Rebar Fabricator

15 November 2005 - Commercial Metals Co. announced the acquisition of substantially all operating assets of Norfolk, Va., reinforcing steel fabricator Hall-Hodges Company.

Stelco Unions Target Restructuring as One Company

15 November 2005 - Stelco local unions recently endorsed a set of seven principles that they will use to evaluate any plan to restructure Stelco. At their meeting, the unions agreed that Stelco must be restructured as one company, not sold off in parts.