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Producers
The latest news on the companies producing steel or raw materials used in the iron- and steelmaking process.
Latest News
Despite November Dip, Steel Imports Still Over 50% Higher than 2003
23 December 2004 - Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported November imports of steel into the United States were slightly lower than in October — 3,114,000 net tons, including 2,461,000 net tons of finished steel. Although total November imports reflect a decline of 11.7%, and finished imports declined 10.9%, compared to October, year-to-date imports (YTD) remain 52.7% higher in both categories.
Wheeling-Pittsburgh Steel Restarts Basic Oxygen Furnace
23 December 2004 - Wheeling-Pittsburgh Steel Corp. restarted production from its Basic Oxygen Furnace (BOF) facility Wednesday, Dec. 22. The BOF had been down for about 12 days following a collapse of ductwork and associated equipment at the BOF facility.
Nucor Steel to Implement EAM Solution from IFS
22 December 2004 - Nucor Corp. has signed a contract with IFS to implement IFS Applications(TM) business software. Nucor will use IFS' maintenance, purchasing, and inventory applications at its Jewett, Texas, facility, which produces carbon steel shapes and bar products.
Algoma Shows Interest in Stelco Assets
22 December 2004 - Algoma Steel Inc. has entered into the process for reviewing a potential acquisition of Stelco.
Stelco Welcomes Two New Bidders to Capital Raising Process
22 December 2004 - Stelco Inc. announced that two additional prospective bidders made public their expressions of interest in Stelco's core integrated and non-core businesses.
Worthington Announces Private Placement Note Financing
21 December 2004 - Worthington Industries, Inc. has issued $100 million of ten-year unsecured Senior Notes due 2014 through a private placement arranged by Wachovia Securities and Scotia Capital. The Notes bear interest at a variable rate spread over six-month LIBOR of 80 basis points (0.80%).
Court Approves Claims Process for Stelco Creditors
21 December 2004 - The Superior Court of Justice (Ontario) approved a creditors' Claims Procedure Process for Stelco Inc.’s restructuring. Approval was granted during a hearing held Friday, Dec. 17.
ISG to Restart Burns Harbor Plate Mill
21 December 2004 - International Steel Group Inc. announced plans to restart its idled 110-inch plate mill located at the company's Burns Harbor facility. Prompted by increasing customer needs, the mill is expected to resume production early in the second quarter of 2005 and to employ an additional 80 employees at the Burns Harbor facility, ISG's largest plant.
CMC Reports Record Quarterly Earnings
20 December 2004 - Commercial Metals Co. reported record quarterly net earnings of $73.7 million on net sales of $1.53 billion for the quarter ended November 30, 2004. This is the third consecutive quarter in which net earnings exceeded those for any previous complete fiscal year before fiscal 2004.
ISG Receives Early Termination of Waiting Period for Merger
20 December 2004 - International Steel Group Inc. has received early termination of the waiting period under Hart-Scott-Rodino Act for the previously announced merger of ISG and Ispat International NV.
Allegheny Ludlum Starts up 2nd Danieli EAF
17 December 2004 - Allegheny Ludlum recently started up a second Danieli electric arc furnace (EAF) at its Brackenridge, Pa., meltshop.
Worthington Reports Record Second Quarter Results
17 December 2004 - Worthington Industries, Inc. reported net earnings of $47.6 million on net sales of $745.2 million, and net earnings of $105.5 million on net sales of $1,514.5 million for the three and six-month periods ended November 30, 2004.
Bankruptcy Court Criticizes WCI Steel Reorganization Plans
17 December 2004 - U.S. Bankruptcy Judge Marilyn Shea-Stonum filed an opinion late Wednesday concerning confirmation of the two proposed WCI Steel, Inc. reorganization plans previously presented to the court.
AK Steel Announces January 2005 Surcharges
16 December 2004 - AK Steel will add a $205 per ton surcharge for flat-rolled carbon steel products shipped in January 2005, an increase of $52 from December's surcharge of $153 per ton. A $400 per ton surcharge will be added to electrical steel products shipped in January 2005, up $140 from the December surcharge of $260 per ton for those products. January surcharges for AK Steel’s stainless steel products are available on the company's website.
Grupo Imsa Joins Consortium in Slab Supply Contract
16 December 2004 - Grupo Imsa SA de CV has signed a 10-year off-take agreement for slab with Corus Group, U.K., through its facility located in Teesside, England. Gruppo Marcegaglia, Italy, and Duferco International, Italy/Switzerland, are also participating in the agreement. In addition, Dongkuk Steel, Korea, has the right to join the consortium before January 5, 2005.
Ispat Shareholders Approve Formation of Mittal Steel Company
16 December 2004 - Ispat International NV shareholders have approved the company’s acquisition of LNM Holdings NV to form Mittal Steel Co. NV. Approval was granted during an Extraordinary General Meeting of Shareholders held Wednesday in Rotterdam. The transaction is expected to close on December 17, 2004.
TXI to Spin Off TXI Chaparral Steel to Shareholders
16 December 2004 - The Texas Industries, Inc. Board of Directors has approved a plan to spin off its wholly-owned steel business.
Oregon Steel Mills to Close Napa Pipe Mill
15 December 2004 - Oregon Steel Mills, Inc. will permanently close its large-diameter line pipe mill located in Napa, Calif., and sell the pipe mill assets and real estate in separate transactions.
Quanex Completes Purchase of Mikron Industries
14 December 2004 - Quanex Corp. announced the closing of the stock purchase of privately held Mikron Industries, for $205 million in cash.
Canadian Courts Deny USWA Locals Leave to Appeal Stelco Initial Order
13 December 2004 - The Supreme Court of Canada has denied several USWA locals leave to appeal the Initial Order providing Stelco Inc. with protection of the Companies' Creditors Arrangement Act in January 2004.
