Steel News

Worthington to Form European Steel Processing Joint Venture

21 August 2007 - Worthington Steel will form a joint venture with The Magnetto Group to operate a steel processing facility in Kosice, Slovakia.

Standard & Poor’s to Move Cliffs on the U.S. Indices

21 August 2007 - Standard & Poor's announced that Cleveland Cliffs Inc. will replace Ohio Casualty Corp. in the S&P MidCap 400, GICS Steel Sub-Industry index.

Worthington to Form Mexican Steel Processing Joint Venture

21 August 2007 - Worthington Steel signs agreement to acquire a 50% interest in privately held Serviacero Planos, which will own and operate existing service centers in Leon and Queretaro in central Mexico.

Cleveland-Cliffs Enters New Credit Agreement

20 August 2007 - Cleveland-Cliffs enters into a new unsecured, $800-million credit agreement that provides more-flexible terms and conditions, along with improved pricing.

U.S. Steel Announces OCTG Authorized Distributors

20 August 2007 - United States Steel announces its new oil country goods distribution network for the United States following its acquisition of Lone Star Technologies earlier this year.

Wheeling-Pittsburgh Nears Deal to Refinance Existing Credit Facilities

20 August 2007 - Wheeling-Pittsburgh reaches agreement in principle with its lead banks on the terms of a $350-million revolving credit facility to replace its current $225-million facility, and a new $135-million term loan to replace its existing government guaranteed term loan.

Precoat Metals Commits to Reduce Waste and Chemical Use

17 August 2007 - The U.S. Environmental Protection Agency’s mid-Atlantic region recognized Pa.-based Precoat Metals for committing to reduce waste and manufacture more environmentally-sound products.

Worthington Industries Issues Earnings Outlook

17 August 2007 - Worthington Industries says it is unlikely that its Metal Framing segment will return to profitability in the current quarter, which will likely help to push earnings per share into the range of $0.20 to $0.25 for the first quarter ending August 31, 2007.

Cleveland-Cliffs Selects Location for Iron Nugget Plant

17 August 2007 - Cleveland-Cliffs and joint-venture partner Kobe Steel will construct their 500,000 tons per year commercial-scale iron nugget production facility at Cliffs’ Empire Mine site in Palmer, Mich.

Republic and Union Reach Tentative Agreement

17 August 2007 - Republic reaches tentative labor agreement with the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers Union.

ALJ Announces 3rd Quarter Earnings

16 August 2007 - ALJ - the parent company of the former Kentucky Electric Steel - reports net income of $1.6 million on net sales of $37.5 million for the three months ended June 30, 2007.

Keystone Reports 2nd Quarter Results

15 August 2007 - Keystone Consolidated reports net income of $17.2 million on net sales of $122.7 million for the second quarter, and net income of $31.7 million on net sales of $235.8 million for the six months ended June 30, 2007.

Timken Realignment to Drive Growth, Performance

14 August 2007 - Timken will restructure the company into two divisions – a Steel Group and a new Bearings and Power Transmission Group - to support continued improvement in operational performance.

AK Steel Receives Supplier Excellence Award from Moen

13 August 2007 - AK Steel receives a supplier excellence award from Moen Inc. for exceeding Moen's expectations to consistently ship and meet delivery requirements during 2006.

Wheeling-Pittsburgh Reports 2nd Quarter Results

13 August 2007 - Unplanned outages at the EAF, higher-than-anticipated scrap costs, and weaker-than-expected market conditions contribute to Wheeling-Pittsburgh’s net loss of $41.6 million on net sales of $467.0 million for the quarter ended June 30, 2007.

Timken Bearings Equip Arcelor Mittal Steel Mill

10 August 2007 - Timken announces that it is the exclusive supplier of tapered, spherical and cylindrical roller bearings for Arcelor Mittal's new high-capacity hot-strip steel rolling mill currently under construction by Siemens in Krakow, Poland.

Chaparral Steel Announces Special Meeting and Record Dates

10 August 2007 - Chaparral’s Board of Directors schedules a special meeting of shareholders to vote on the proposal to adopt the Agreement and Plan of Merger for Gerdau Ameristeel’s acquisition of Chaparral Steel for a cash consideration of U.S. $86 per share.

OSHA Proposes Penalties Against 16 Companies at SeverCorr Construction Site

10 August 2007 - OSHA is proposing $72,775 in penalties against 16 companies involved in the construction of the new SeverCorr steel plant following inspections conducted between February and May 2007.

WCI Steel Reports 2nd Quarter Results

10 August 2007 - WCI Steel reports a net loss of $12.5 million for the quarter and a net loss of $16.8 million for the six-month period ended June 30, 2007; results were negatively impacted by a BOF baghouse installation, and unscheduled outages in the blast furnace and BOF.

Gerdau Ameristeel Reports 2nd Quarter Results

09 August 2007 - Gerdau Ameristeel Corp. reported net income of $139.1 million on net sales of $1.3 billion for the second quarter, and net income of $272.7 million on net sales of $2.7 billion for the six months ended June 30, 2007.