Steel News

Steel Dynamics Reports 4th Quarter, 2011 Results

26 January 2012 - Steel Dynamics, Inc. announced net income of $30 million on net sales of $1.9 billion for the fourth quarter, and net income of $278 million on net sales of $8.0 billion for the full year 2011.

ALJ Reports First Quarter Revenue Performance

26 January 2012 - ALJ Regional Holdings, the parent company of Kentucky Electric Steel, reported revenue of $38.9 million for the first fiscal quarter ended December 31, 2011.

AK Steel Announces Stainless Steel Price Increase

25 January 2012 - AK Steel announced plans to increase base prices for all 200, 300 and 400 series flat rolled stainless steel products, effective with shipments on March 4, 2012.

AK Steel Announces Retirement of Alan McCoy

24 January 2012 - AK Steel announces the retirement of Alan H. McCoy, Vice President, Government and Public Relations, effective January 31, 2012.

RG Steel Restarts Blast Furnace at Sparrows Point, Strengthens Liquidity with New Capital

23 January 2012 - RG Steel announced that the “L” blast furnace at its Sparrows Point plant has resumed operations and should reach normal operating rates within several days. The company also announced that affiliates of Cerberus Capital Management, L.P. and The Renco Group, Inc. have committed to provide RG Steel with significant new capital that improves its liquidity and provides the financial ability to execute its business strategy.

Carpenter and Latrobe Amend Merger Agreement

17 January 2012 - Carpenter Technology has entered into an Amendment of the Merger Agreement with the owners of Latrobe Specialty Metals.

Timken Workers Reject Agreement

17 January 2012 - Members of United Steelworkers Local 1123 based in Canton failed to ratify a tentative agreement between their bargaining representatives and Timken.

Severstal NA Hot Commissions New Hot Dip Galvanizing Line

16 January 2012 - Severstal North America’s new Hot Dip Galvanizing Line (HDGL) in Dearborn, Mich., has begun production of galvanized products. The new HDGL includes state-of-the-art controls for coating thickness and surface texture, as well as alloy and phase control.

Esmark Steel Group Announces President of Ohio Operations

13 January 2012 - Esmark Steel Group announced the appointment of steel industry veteran Peter Doyle as President of the company’s Ohio operations.

CMC Responds to Expiration of Tender Offer, Withdrawal of Director Nominees

12 January 2012 - Commercial Metals Co. issued a statement in response to IEP Metals Sub LLC’s announcement that its tender offer has expired and that Mr. Icahn has withdrawn his nominees for election to the company's Board.

Steel Dynamics Announces New Term Loan Facility

12 January 2012 - Steel Dynamics, Inc. has expanded its senior secured credit facility by adding a $275.0 million term loan facility to its existing five-year $1.1 billion revolving credit facility.

Severstal NA to Explore Feasibility of DRI Facility in Trinidad and Tobago

12 January 2012 - Severstal North America has entered into a Memorandum of Understanding with the National Gas Co. of Trinidad and Tobago Ltd., National Energy Corp. Ltd., Complejo Metalurgico Dominicano S.A., and Neal & Massy Holdings Ltd. to conduct a feasibility study for construction of a direct reduced iron (DRI) facility in Trinidad and Tobago.

Schnitzer Reports 1st Quarter Fiscal 2012 Results

10 January 2012 - Schnitzer Steel Industries reported $0.25 diluted earnings per share from continuing operations for its fiscal 2012 first quarter ended November 30, 2011.

CMC Reports Improved First Quarter Earnings

09 January 2012 - Commercial Metals Co. reported net earnings of $107.7 million on net sales of $2.0 billion for the fiscal first quarter ended November 30, 2011.

Worthington Reports Second Quarter Results

06 January 2012 - Worthington Industries, Inc. reported net sales of $570.4 million and net earnings of $18.5 million, or $0.27 per share, for its fiscal 2012 second quarter ended November 30, 2011, compared to last year's reported net sales of $580.7 million and net earnings of $14.5 million, or $0.20 per share.

Nucor to Close Nuconsteel

06 January 2012 - Nucor announced plans to exit the business of fabricating light gauge steel framing and close its Nuconsteel division.

CMC Enters Amended Credit Agreement, Receivables Purchase Agreement

04 January 2012 - Commercial Metals Co. has entered into amended Credit and Receivables Purchase Agreements.

ALJ Announces Results for Fiscal Year 2011

03 January 2012 - ALJ Regional Holdings, the parent company of Kentucky Electric Steel, posted net income of $5.919 million on net sales of $45.89 million for the fourth quarter, and net income of $11.417 million on net sales of $162.01 million for the year ended September 30, 2010.

Production Starts at Bahru Stainless

29 December 2011 - Bahru Stainless recently started up its factory in Johor Bahru, Malaysia, successfully processing its first coil in the annealing and pickling line AP1 on December 12.

Evraz NA Signs New Revolving Facility

29 December 2011 - Evraz plc has closed a USD610 million five-year committed revolving credit facility for Evraz NA. Funds will be used to re-finance existing facilities as well as for financing Evraz NA's working capital requirements.