Steel News

U. S. Steel Acquires Outstanding Interests in Clairton 1314B Partnership

03 November 2008 - U. S. Steel acquires additional equity interests that it did not previously own in the Clairton 1314B Partnership LP for a price of $104 million, and subsequently terminated the Partnership.

CMC Reports 4th Quarter, Full Year Results

31 October 2008 - Commercial Metals reports net earnings of $63.5 million on net sales of $3.1 billion for the fourth quarter, and net earnings of $232.0 million on net sales of $10.4 billion for the year ended August 31, 2008.

Cliffs Reports Record 3rd-Quarter, Nine-Month Results

30 October 2008 - Cliffs Natural Resources reports net earnings of $175 million on quarterly record consolidated revenues of $1.2 billion for the third quarter, and net income of $462 million on record revenues of $2.7 billion for the nine-month period ended Sept. 30, 2008.

Timken Joint Venture Breaks Ground on Wind Energy Plant

29 October 2008 - Timken’s new joint venture, Timken XEMC (Hunan) Bearings Co., recently broke ground on a new wind energy plant that it will build in China’s Hunan province.

Carpenter Technology Reports First Quarter Results

29 October 2008 - Carpenter Technology reported net income of $25.8 million on net sales of $413.7 million for the fiscal first quarter ended September 30, 2008.

Schnitzer Steel Reports Record 4th Quarter, Annual Results

29 October 2008 - Schnitzer Steel Industries reported record net income of $126 million on record revenues of $1.3 billion for the fiscal fourth quarter and record net income of $249 million on revenues of $3.6 billion for the year ended August 31, 2008.

Cliffs to Idle Three Iron Ore Pellet Furnaces

29 October 2008 - Cliffs Natural Resources is initiating production curtailments on two small pellet furnaces at Northshore Mining and on a small pellet furnace at United Taconite, two of the company’s six North American iron ore mines.

U. S. Steel Reports Record 3rd Quarter Results

29 October 2008 - United States Steel reports net income of $919 million on net sales of $7.3 billion for the third quarter, and net income of $1.82 billion on net sales of $19.3 billion for the nine months ended September 30, 2008.

Timken Reports Record Third-Quarter Earnings

28 October 2008 - Timken reports income from continuing operations of $130.4 million on record third-quarter sales of $1.48 billion for the third quarter, and net income of $303.8 million on sales of $4.45 billion for the first nine months of 2008.

Gerdau Ameristeel Announces Acquisition of Metro Recycling

28 October 2008 - Gerdau Ameristeel announces its acquisition of Metro Recycling, a scrap processor headquartered in Guelph, Ont.

Severstal Resources Reports Results of Takeover Bid

27 October 2008 - Severstal Resources’ offer to purchase the outstanding common shares of PBS Coals Limited expired last Friday, October 24, 2008.

Cliffs Updates 2008 Full-Year Outlook

24 October 2008 - Cliffs Natural Resources updates its 2008 full-year outlook in conjunction with a definitive joint proxy statement/prospectus for the company’s proposed merger with Alpha Natural Resources.

GE Provides $200-Million Asset-Based Loan to Severstal Warren

24 October 2008 - GE Commercial Finance Corporate Lending provides a $200-million asset-based credit facility to Severstal Warren for ongoing working capital needs.

Universal Stainless Reports 3rd Quarter Results

24 October 2008 - Universal Stainless & Alloy Products reports net income of $2.7 million on sales of $57.6 million for the third quarter, and net income of $12.7 million on sales of $178.0 million for the first nine months of 2008.

Worthington Industries Announces Layoffs, Facility Closings

24 October 2008 - Worthington Industries will reduce its workforce by nearly 300 through a combination of layoffs and closure of the company’s Louisville steel processing facility and its Renton, Wash., metal framing facility.

Allegheny Technologies Reports Third Quarter Results

23 October 2008 - Allegheny Technologies Inc. reported net income of $144.1 million on sales of $1.39 billion for the third quarter, and net income of $455.0 million on sales of $4.20 billion for the nine months ended September 30, 2008.

Steelworkers Ratify Four-Year Contract with ArcelorMittal

22 October 2008 - Members of the United Steelworkers overwhelmingly ratify a new four-year contract with ArcelorMittal in a mail-in secret ballot vote that concluded Tuesday.

AK Steel Reports Record 3rd Quarter Net Income

22 October 2008 - AK Steel reports record quarterly net income of $188.3 million on net sales of $2,157.6 million for the third quarter, and record net income of $434.6 million on record sales of $6,185.6 million for the first nine months of 2008.

Nucor Reports Record 3rd Quarter Results

17 October 2008 - Nucor reports record consolidated net earnings of $734.6 million on record consolidated net sales of $7.45 billion for the third quarter, and record consolidated net earnings of $1.73 billion on record consolidated net sales of $19.51 billion for the first nine months of 2008.

Cleveland-Cliffs Is Now Cliffs Natural Resources

16 October 2008 - Cleveland-Cliffs officially changes its name to Cliffs Natural Resources, and formally adopts ‘Cliffs,’ the one-word name by which it is commonly known.