Steel News

OAO Severstal to Purchase WCI Steel

19 May 2008 - OAO Severstal reaches a binding agreement to acquire the outstanding equity of Warren, Ohio, based WCI Steel for a total cash consideration of US$140 million, or about $3.29 per share.

Nucor Getting Closer to Site Selection for $2-Billion Ironmaking Facility

16 May 2008 - Nucor applies for a permit to build a state-of-the-art iron-making facility in Louisiana that would produce 3 million tons/year of iron as well as power beyond its own needs through the capture and use of excess energy at the blast furnace and heat-recovery coke plant.

Nucor to form Joint Venture with Sidenor

15 May 2008 - Nucor signs MoU with Sidenor regarding a new joint venture for the production and distribution of long steel products and plate in the Balkans, Turkey, Cyprus, and North Africa.

AK Steel Announces Company Scholarship Recipients

14 May 2008 - Continuing a longstanding company tradition, AK Steel announces the award of college scholarships to sons and daughters of company employees.

United Steelworkers File Charges against Latrobe Specialty Steel

14 May 2008 - Union workers at Latrobe Specialty Steel file an unfair labor practice charge with the National Labor Relations Board stating that the lockout that began on May 9, 2008, is unlawful.

Kentucky Electric Steel Parent ALJ Announces 2nd Quarter Earnings

14 May 2008 - Kentucky Electric Steel parent ALJ reports net income of $6.8 million on net sales of $82.3 million for the six months ended March 31, 2008.

Nucor Moves Forward on Italian Beams Venture with Duferco

14 May 2008 - Nucor enters agreement to acquire 50% of its Duferdofin-Nucor Srl beam production and distribution joint venture with Duferco, for euro 423.5 million.

Gerdau Ameristeel Announces Record 1st Quarter Earnings

13 May 2008 - Gerdau Ameristeel reports net income of $163.0 million on net sales of $2.0 billion for the three months ended March 31, 2008.

Esmark Settles Lawsuit with Herman Strauss

12 May 2008 - Esmark confirms settlement of litigation pending between its Esmark Steel Service Group and Herman Strauss, Inc. over scrap purchased by Wheeling-Pittsburgh Steel.

Workers, Management Locked in Stalemate at Latrobe Specialty Steel

12 May 2008 - Workers from Latrobe Specialty Steel are locked out after management rejects the offer submitted last Thursday, My 8 be members of United Steelworkers Local 1537.

Esmark Responds to ‘Frivolous’ ArcelorMittal Lawsuit

12 May 2008 - Esmark indicates surprise and disappointment in response to ArcelorMittal’s suit against Esmark and E2 Acquisition for breach of their contract to purchase the Sparrows Point steelmaking facility.

California Steel to Shuffle Top Management

09 May 2008 - California Steel Industries announces several changes to its top management staff, including the appointment of Vicente Wright to serve as President and CEO, and Masakazu Kurushima to serve as Chairman of the Board.

Steel Dynamics Subsidiary to Acquire Recycle South

09 May 2008 - Steel Dynamics’ wholly owned subsidiary OmniSource executes a definitive agreement to acquire the remaining equity interests in Recycle South.

ArcelorMittal Files Suit against Esmark/E2

09 May 2008 - ArcelorMittal has filed suit against Esmark Inc., E2 Acquisition, seeking in excess of $540 million for breach of its contract to purchase Sparrows Point.

AK Tube Honored for Perfect Safety Record

08 May 2008 - The Fabricators & Manufacturers Association, International has awarded AK Tube’s Columbus, Ind., plant its Safety Award of Honor for having no recordable illnesses or injuries in 2007.

Kocks to Supply Reducing & Sizing Block for Republic’s Lackawanna Mill

08 May 2008 - Kocks Pittsburgh will supply a 3-roll Reducing & Sizing block for Republic Engineered Steel’s modernization of their mill in Lackawanna, N.Y.

Severstal Completes Acquisition of Sparrows Point

08 May 2008 - OAO Severstal completes its acquisition of the Sparrows Point integrated steel mill from ArcelorMittal for US$810 million, net of debt.

Parsytec to Supply 2nd Surface Inspection System for SeverStal NA

07 May 2008 - Parsytec AG will supply a second hot mill surface inspection system for SeverStal North America’s facility in Dearborn, Mich.

AK Steel Announces June 2008 Surcharges for Electrical Steels

07 May 2008 - AK Steel will add a $640 per ton surcharge to invoices for electrical steel products shipped in June 2008.

Esmark Receives Financing Package from Essar Steel Holdings

07 May 2008 - Essar Steel Holdings completes a new $31 million term loan facility to its wholly owned subsidiary Esmark Steel Services Group and refinancing of the existing $79 million Government guaranteed Wheeling-Pittsburgh Steel term loan.