Steel News

Carpenter Completes Sale of Metal Shapes Business

09 July 2008 - Carpenter Technology completes the sale of its Rathbone Precision Metals business to Treci Srl, controlling company of Calvi Holdings, Srl.

Cliffs Updates 2008 Guidance, Comments on 2009 Pricing

09 July 2008 - Cleveland-Cliffs updates its 2008 iron ore revenue and cost-per-ton guidance for both the Asia-Pacific and North American segments, and comments on expected pricing for its North American Iron Ore segment for 2009.

Nucor Completes Acquisition of 50% Stake in Duferdofin

09 July 2008 - Nucor completes its previously announced acquisition of 50% of the stock of Duferdofin–Nucor Srl for a purchase price of euro 423.5 million, or approximately $658 million.

Severstal Completes Acquisition of WCI Steel

08 July 2008 - OAO Severstal completes its acquisition of WCI Steel for a total cash consideration of US$140 million.

AK Steel Announces August Surcharges for Electrical Steels

07 July 2008 - AK Steel will add a $905-per-ton surcharge to invoices for electrical steel products shipped in August 2008.

ALJ Reports Third Quarter Revenues

07 July 2008 - ALJ, the parent company of Kentucky Electric Steel, reports revenues of $51.1 million for the quarter, and revenues of $133.4 million for the nine months ended June 30, 2008.

Gerdau Ameristeel to Begin Phase One Expansion at Jacksonville

04 July 2008 - Gerdau Ameristeel announces initiation of the first two phases of the announced expansion of its Jacksonville, Fla., steel mill, which will ultimately expand the facility’s annual melting and rolling capacity to more than 1.0 million tons of rebar products.

CMC Completes Acquisition of ABC Coating Companies and Affiliates

02 July 2008 - Commercial Metals completes its acquisition of the operating assets of ABC Coating Companies, Banner Rebar, and Toltec Steel Services.

Schnitzer Steel Reports Record Third Quarter

02 July 2008 - Schnitzer Steel Industries reports record quarterly net income of $62 million on record quarterly revenues of $972 million for the third quarter, and net income of $122 million on revenues of $2328 million for the nine months ended May 31, 2008.

Cleveland-Cliffs Announces Convertibility of Preferred Stock

01 July 2008 - Cleveland-Cliffs fulfills the trading price condition for the conversion right of its 3.25% redeemable cumulative convertible perpetual preferred stock, with the result that preferred stock may be surrendered for conversion at any time during the fiscal third quarter ending Sept. 30, 2008.

OSHA Cites KMA Manufacturing for Multiple Workplace Violations

01 July 2008 - OSHA cites KMA Manufacturing LLC for numerous alleged safety and health violations following a fatal industrial accident in December 2007.

SeverCorr Reaches Settlement with Nucor

01 July 2008 - SeverCorr, LLC reaches a settlement in the case of Nucor versus John Bell and SeverCorr.

Universal Stainless Announces Tool Steel Base Price Increase

30 June 2008 - Universal Stainless & Alloy Products announces base price increases of 5% to 7% on all tool steel products manufactured at its Bridgeville and Dunkirk facilities.

Essar Withdraws Esmark Bid

27 June 2008 - Essar Steel Holdings Limited informs the Esmark Board of Directors that it is withdrawing its offer to purchase all of the company’s outstanding shares at US$19 per share.

AK Steel Holding to Replace Countryside Financial on S&P 500 Index

27 June 2008 - Standard & Poor's announces that AK Steel Holding Corp. will replace Countrywide Financial Corp. on the S&P 500.

Steelworkers Hail Esmark Sale

27 June 2008 - The USW welcomes the news that Esmark has entered into a definitive merger agreement with OAO Severstal, and that Esmark's Board of Directors is recommending that shareholders tender their shares to Severstal.

Worthington Reports Fiscal Year Results

27 June 2008 - Worthington Industries reports net earnings of $53.9 million on record net sales of $868.9 million for the fourth quarter, and net earnings of $107.1 million on net sales of $3,067.2 million for the twelve-month period ended May 31, 2008.