Steel News

Steel Dynamics Updates Third Quarter Earnings Guidance

31 August 2007 - Steel Dynamics says third-quarter earnings could be in an updated range of $1.02 to $1.07 per diluted share, but says its near-term market assessment remains relatively unchanged from its most recent news release in July.

U. S. Steel Marks First Year of Mercury Switch Recovery Program

30 August 2007 - U. S. Steel marks the one-year anniversary of its participation in the National Vehicle Mercury Switch Recovery Program, a national mercury reduction program that is expected to reduce up to 75 tons of mercury emissions over the next 15 years.

AK Steel Completes Corporate Headquarters Move

30 August 2007 - AK Steel completes the move of its corporate headquarters from Middletown to West Chester, Ohio, a northern Cincinnati community.

SeverCorr Launches Meltshop and Hot Mill Operations

30 August 2007 - Production of hot rolled steel coils is underway at SeverCorr with the start-up of operations in the facility’s new meltshop, caster, and hot mill.

Carpenter Appoints New Senior Vice President - General Counsel and Secretary

28 August 2007 - Carpenter Technology announces the appointment of Oliver C. Mitchell Jr. as its new Senior Vice President—General Counsel and Secretary.

Timken Names Leaders for Bearings and Power Transmission Group

28 August 2007 - Timken announces five new leaders for the businesses within its new Bearings and Power Transmission Group.

Worthington Safety Program Reduces Serious Injuries by 44%

28 August 2007 - Worthington Industries reports first-year results for its safety management program, including a 44% reduction in serious injuries, 22% reduction in total OSHA recordable injuries, and 31% reduction in the number of workers’ compensation claims.

Nucor Completes Acquisition of Magnatrax

28 August 2007 - Nucor completes its acquisition of Magnatrax for a cash purchase price of approximately $280 million.

Dofasco to Install Pulverized Coal Injection System

27 August 2007 - Dofasco will build a $60-million pulverized coal injection system at its two blast furnaces in Hamilton, supported in part by a $6.05-million, 5-year loan under the Government of Ontario’s Advanced Manufacturing Investment Strategy program.

U. S. Steel to Acquire Stelco

27 August 2007 - Amid much market speculation, U. S. Steel announces plans to acquire Stelco for $38.50 (Canadian) per share for an aggregate value of approximately $1.1 billion (U.S.) based on approximately 30 million fully diluted shares.

Waiting Period Passes for Chaparral-Gerdau Ameristeel Deal

24 August 2007 - Chaparral and Gerdau Ameristeel reach the end of their Hart-Scott-Rodino waiting period, satisfying one of the pre-conditions for consummation of their merger agreement.

Timken Upgrades Repair Services in Canada

23 August 2007 - Timken completes an agreement with Weir Canada to be the authorized provider of Timken repair services for chock bearing maintenance and chock repair for metal manufacturing customers in Canada.

AK Steel Announces Carbon Steel Price Increase

23 August 2007 - AK Steel will increase spot market prices by $30 per ton for new carbon steel product orders accepted for shipment on October 1, 2007 and later.

U.S., Canada and Mexico Take Lead on Managing Industrial Chemicals

22 August 2007 - The United States, Canada, and Mexico are developing a regional partnership to assess and manage the potential risks associated with the manufacture and use of industrial chemicals.

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.