Steel News

Horsehead Employees Reach Tentative Agreement on New Contract

31 August 2007 - Just as the current contract is about to expire, members of United Steelworkers local 8183-25 reach a tentative labor agreement covering 32 hourly members at Horsehead's Monaca, Pa., facility.

Gerdau Ameristeel Announces Revised Financing Commitment

31 August 2007 - Gerdau Ameristeel replaces a previously announced financing commitment intended to fund the company’s pending acquisition of Chaparral Steel with a firm commitment from ABN AMRO Bank NV, HSBC and J.P. Morgan Securities as Joint Lead Arrangers.

Harsco Acquisition Expands Eastern European Presence

31 August 2007 - Harsco expands its services in the growing Eastern European steel industry with the acquisition of Alexander Mill Services International, a privately held company that provides mill services to some of the leading steel producers in Poland and Romania.

CMC Chairman Announces Retirement Plans

31 August 2007 - Chairman of Commercial Metals Board of Directors Stanley A. Rabin announces his intent to retire at the end of CMC's 2008 fiscal year on August 31, 2008.

Steel Dynamics Updates Third Quarter Earnings Guidance

31 August 2007 - Steel Dynamics says third-quarter earnings could be in an updated range of $1.02 to $1.07 per diluted share, but says its near-term market assessment remains relatively unchanged from its most recent news release in July.

U. S. Steel Marks First Year of Mercury Switch Recovery Program

30 August 2007 - U. S. Steel marks the one-year anniversary of its participation in the National Vehicle Mercury Switch Recovery Program, a national mercury reduction program that is expected to reduce up to 75 tons of mercury emissions over the next 15 years.

SeverCorr Launches Meltshop and Hot Mill Operations

30 August 2007 - Production of hot rolled steel coils is underway at SeverCorr with the start-up of operations in the facility’s new meltshop, caster, and hot mill.

AK Steel Completes Corporate Headquarters Move

30 August 2007 - AK Steel completes the move of its corporate headquarters from Middletown to West Chester, Ohio, a northern Cincinnati community.

BMZ Starts up SMS Meer-Supplied Seamless Tube Mill

29 August 2007 - Byelorussian Steel Works celebrates the official opening of a complete SMS Meer seamless tube plant featuring PQF three-roll finishing technology.

Shareholders Approve First Step of Mittal Merger Process

29 August 2007 - Mittal Steel shareholders approve the merger of Mittal Steel into ArcelorMittal, the first step in the two-step merger process between Mittal Steel and Arcelor.

July Imports Reach Second-Highest Monthly Total for 2007

29 August 2007 - The U.S. imported a total of 3,222,000 net tons of steel in July 2007—including 2,452,000 net tons of finished steel—according to the latest report from the American Iron and Steel Institute. Total and finished steel imports reflect a 6% and 2% increase, respectively, compared to June’s final data.

Worthington Safety Program Reduces Serious Injuries by 44%

28 August 2007 - Worthington Industries reports first-year results for its safety management program, including a 44% reduction in serious injuries, 22% reduction in total OSHA recordable injuries, and 31% reduction in the number of workers’ compensation claims.

Nucor Completes Acquisition of Magnatrax

28 August 2007 - Nucor completes its acquisition of Magnatrax for a cash purchase price of approximately $280 million.

Carpenter Appoints New Senior Vice President - General Counsel and Secretary

28 August 2007 - Carpenter Technology announces the appointment of Oliver C. Mitchell Jr. as its new Senior Vice President—General Counsel and Secretary.

Courts Reject Minority Arcelor Shareholder Motions

28 August 2007 - The District Court of Rotterdam and the Tribunal de Grande Instance of Paris reject attempts by minority Arcelor shareholders to prevent the merger of the Arcelor and Mittal Steel, as based on announced terms.

Timken Names Leaders for Bearings and Power Transmission Group

28 August 2007 - Timken announces five new leaders for the businesses within its new Bearings and Power Transmission Group.

Steel Recycling Holds Strong

27 August 2007 - Steel — the world’s most recycled material — reaches a recycling rate of 68.7%, according to the Steel Recycling Institute.

Dofasco to Install Pulverized Coal Injection System

27 August 2007 - Dofasco will build a $60-million pulverized coal injection system at its two blast furnaces in Hamilton, supported in part by a $6.05-million, 5-year loan under the Government of Ontario’s Advanced Manufacturing Investment Strategy program.

U. S. Steel to Acquire Stelco

27 August 2007 - Amid much market speculation, U. S. Steel announces plans to acquire Stelco for $38.50 (Canadian) per share for an aggregate value of approximately $1.1 billion (U.S.) based on approximately 30 million fully diluted shares.

Steel Financial Bulletin Shows European Producers in Lead for 2007 Margins

27 August 2007 - The latest edition of Steel Financial Bulletin from Integer Research reveals that European steel producers have reported record profits in 2007, while margins in the U.S. steel market have fallen.