Steel News

Tennessee Minerals to Offer Domestic Iron Ore Fines Supply

17 March 2005 - Tennessee Minerals, LLC will soon make available approximately 15 million tons of high-quality iron ore fines.

Steel Dynamics Revises Earnings Outlook

17 March 2005 - Steel Dynamics, Inc. has adjusted its outlook for the first half of 2005. The new guidance forecasts lower than previously expected first quarter results, but a stronger and substantially improved second quarter.

NAML Completes Purchase of Grupo Industrial NKS

16 March 2005 - North American Liability Group (NAML) has closed the contract and share exchange agreement to acquire 75% of all the issued outstanding shares of Grupo Industrial NKS, SA de CV, Mexico. The transactions were completed on March 11, 2005.

AK Steel Announces April Surcharges

16 March 2005 - AK Steel will add a $230 per ton surcharge to invoices for flat-rolled carbon steel products shipped in April 2005, an increase of $16 from March's surcharge of $214 per ton. For electrical steel products, the company will add a $295 per ton surcharge, a decrease of $45 from the March surcharge of $340 per ton for those products.

Republic to Expand Canton Steelmaking Facilities

16 March 2005 - Republic Engineered Products Inc. has awarded Danieli a contract to expand the company’s existing steelmaking facilities in Canton, Ohio.

Ipsco to Initiate Share Repurchase Program

16 March 2005 - Ipsco Inc. announced its intention to initiate a share repurchase program, by way of a normal course issuer bid, through the facilities of the Toronto Stock Exchange of up to 10% of the public float of its Common Shares, approximately 4.2 million shares. As of March 3, 2005 the company had 50,161, 875 Common Shares outstanding.

ITC to Conduct Sunset Reviews of Butt-Weld Pipe Fittings

15 March 2005 - The U.S. International Trade Commission (ITC) voted to conduct full five-year (sunset) reviews for antidumping duty orders on carbon steel butt-weld pipe fittings from Brazil, China, Japan, Thailand, and Taiwan. The Commission will now conduct full reviews to determine whether revocation of these orders would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time.

Wheeling-Pittsburgh Announces 2004 Results

15 March 2005 - Wheeling-Pittsburgh Corp., the holding company of Wheeling-Pittsburgh Steel Corp., reported net income of $6.4 million on net sales of $373.7 million for the fourth quarter and net income of $62.5 million on net sales of $1.4 billion for the year ended December 31, 2004.

Ispat Inland Receives Requisite Consents

15 March 2005 - Ispat Inland Inc. affiliate Ispat Inland ULC has received the requisite consents from holders of its Senior Secured Floating Rate Notes due 2010 and its 9.75% Senior Secured Notes due 2014 to the amendments to the indenture under which the securities were issued.

Timken Latrobe to Increase Aerospace Steel Prices

15 March 2005 - Timken Latrobe Steel will increase prices by 5 to 10% on all remelted aerospace alloys and air melt stainless steel grades. The price change will be effective with all new orders received beginning March 15, 2005. Raw material surcharges will remain in effect.

Wheeling-Pittsburgh to Upgrade Hot Strip Mill

15 March 2005 - Wheeling-Pittsburgh Steel Corp. announced it will add automatic roll changers at its 80-Inch Hot Strip Mill.

Nucor Increases 1st Quarter Earnings Guidance

14 March 2005 - Better-than-expected shipments and margins have prompted Nucor Corp. to increase its earnings guidance for the first quarter ending April 2, 2005.

Mittal Steel and ISG Proceed Toward Proposed Merger

14 March 2005 - Mittal Steel Co. NV and International Steel Group Inc. announced that the registration statement on Form F-4 filed by Mittal Steel with the Securities and Exchange Commission in connection with the proposed merger involving ISG and Mittal Steel has been declared effective as of March 11, 2005.

WHX Bankruptcy Should Not Impact Wheeling-Pitt Benefits

14 March 2005 - The United Steelworkers of America (USWA) announced that the Union does not expect that the benefits current members or retirees receive from Wheeling-Pittsburgh Steel will be affected as a result of WHX Corp.’s filing for Chapter 11 Bankruptcy Protection.

Oregon Steel Mills Announces 4th Quarter Results

11 March 2005 - Oregon Steel Mills, Inc. announced net income of $44.8 million on sales of $302.0 million for the fourth quarter of 2004.

Cleveland-Cliffs Extends Portman Offer

10 March 2005 - Cleveland-Cliffs Inc. has extended its offer for all of the shares in Portman Limited for four days.

Esmark Acquires U.S. Metals and Supply

10 March 2005 - Esmark Inc. announced its acquisition of U.S. Metals and Supply Co. for $16 million.

Ispat Inland Further Increases Consent Offer

10 March 2005 - Ispat Inland Inc. affiliate Ispat Inland ULC has increased the consent payment it will make to the holders of its Senior Secured Floating Rate Notes due 2010 and 9.75% Senior Secured Notes due 2014 that validly deliver (and not revoke) consents to $5.00 for each $1,000 principal amount of Notes held by such holders.

Steel Industry Applauds Extension of SIMA Program

10 March 2005 - Steel industry leaders welcomed the Department of Commerce’s decision to extend and enhance the Steel Import Monitoring and Analysis (SIMA) program to 2009.

EMJ Announces Third Amended and Restated Credit Agreement

09 March 2005 - Earle M. Jorgensen Co. has entered into a Third Amended and Restated Credit Agreement, with Earle M. Jorgensen Holding Co., Inc., related financial institutions, and Deutsche Bank Trust Co. Americas, acting as agent.