Steel News

Steel Dynamics Announces Vice President of Ferrous Resources

28 December 2005 - Steel Dynamics, Inc. has promoted Richard J. Brady, 39, to the position of Vice President of Ferrous Resources, effective January 1, 2006.

Maverick Tube Announces Canadian Amalgamation

27 December 2005 - Maverick Tube Corp. announced the amalgamation of certain of its Canadian subsidiaries.

ITC Votes to End Cases on Steel Wire Rod Imports from China, Germany and Turkey

27 December 2005 - The United States International Trade Commission (ITC) has failed to find a reasonable indication of real or threatened injury to a U.S. industry in regards to carbon and alloy steel wire rod imported from China, Germany, and Turkey that are allegedly sold in the United States at less than fair value.

Arcelor to Enhance Offer for Dofasco Acquisition

26 December 2005 - Arcelor SA announced last week its intention to make an enhanced all-cash offer to acquire all of the outstanding common shares of Canadian steelmaker Dofasco Inc. at C$63.00 per share.

Stelco Court Monitor Files 44th Report

23 December 2005 - Stelco Inc.’s Court-appointed Monitor has filed its forty-fourth report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the sanction hearing, fairness of the plan, and enterprise value and its effect on recovery.

Ispat Inland to Merge with Mittal Steel USA ISG

23 December 2005 - Mittal Steel Co. NV is merging wholly owned U.S. operating subsidiaries Mittal Steel USA ISG Inc. and Ispat Inland Inc.

EPA Cites Keystone Steel & Wire for Clean-Air Violations

22 December 2005 - U.S. Environmental Protection Agency Region 5 has cited Keystone Steel & Wire Co. for alleged clean-air violations at the company's steel production facility in Peoria, Ill.

CMC Reports Near-Record First Quarter

22 December 2005 - Commercial Metals Co. reported first quarter net earnings of $69.6 million on net sales of $1.6 billion for the quarter ended November 30, 2005.

Wheeling-Pittsburgh Files Shelf Registration Statement

22 December 2005 - Wheeling-Pittsburgh Corp. announced that it has filed a shelf registration statement with the Securities and Exchange Commission. This registration statement, upon being declared effective by the SEC, will allow the company to sell up to $125 million, in the aggregate, of its common stock, preferred stock, stock subscription rights and debt securities.

Paulson Announces Substitute Nominee for Algoma Shareholder Meeting

21 December 2005 - Paulson & Co. Inc., which had previously requisitioned a special shareholder meeting to replace a majority of Algoma directors, has now announced a substitution on its slate of nominees for the board — John Hritz, the direct successor to James Wareham as president of AK Steel Corp., who will replace Mr. Wareham.

Chaparral Steel Reports Record 2nd Quarter Earnings

21 December 2005 - Chaparral Steel Co. reported record net income of $34.0 million for the second quarter ended November 30, 2005.

IISI Reports World Crude Steel Production for November 2005

21 December 2005 - Figures released by the International Iron and Steel Institute (IISI) show that world crude steel production for the 61 countries reporting stood at an estimated 94.1 million tonnes in November — 4.1% higher than for the November 2004. Year-to-date world crude steel production has already exceeded 1 billion tonnes for the year. (2004 was the first year in which the world produced more than one billion tonnes of crude steel.)

Motion Industries Receives Award from Aisin Manufacturing

20 December 2005 - Motion Industries was recently recognized by Aisin Manufacturing with an Outstanding Service Award.

Steel Dynamics Upgrades Fourth Quarter Outlook

19 December 2005 - Steel Dynamics, Inc. announced it anticipates stronger fourth quarter results than previously expected, with fourth quarter 2005 earnings per diluted share expected to be in the range of $1.20 to $1.25.

October Steel Shipments Dip Below October 2004 Totals

19 December 2005 - U.S. steel mills shipped 8,839,000 net tons in October 2005, according to the latest report from the American Iron and Steel Institute (AISI).

WL Ross Completes Purchase of VTG

16 December 2005 - WL Ross & Co. LLC has completed its acquisition of rail logistics company VTG from TUI AG.

AK Steel Announces January 2006 Surcharges

16 December 2005 - AK Steel will add a $215 per ton surcharge to invoices for flat-rolled carbon steel products shipped in January 2006. AK Steel will also add a $255 per ton surcharge to invoices for electrical steel products shipped in January.

Imsa Acero to Invest US$120 million to Increase Production Capacity

16 December 2005 - Grupo Imsa’s Board of Directors has authorized a US$120 million investment a new continuous industrial line to galvanize and paint high-specification steel at Imsa Acero’s facilities in Monterrey, Mexico.

Schnitzer Steel Invests in Portland Recycling Facility

15 December 2005 - Schnitzer Steel Industries, Inc. has purchased a state-of-the-art Metso Texas Shredder 122x108 for its Portland, Ore., metals recycling operation.

Techint Goodfellow to Install EFSOP System at SMI Meltshop

15 December 2005 - Structural Metals, Inc. (SMI Texas) has placed an order with Techint Goodfellow Technologies Inc. (TGTI), Mississauga, Ont., for a state-of-the-art Goodfellow EFSOP™ (Expert Furnace System Optimization Process) system. Techint Goodfellow Technologies will install and commission the system on SMI’s 120-ton EAF at their meltshop in Seguin, Texas.