Steel News

Posco to Construct Integrated Steelworks in India

01 July 2005 - Posco recently signed a memorandum of understanding with the Orissa State government of India for construction of an integrated steelworks and development of a mine at Bhubaneswar, the capital of Orissa.

AISI Joins the Metal Initiative

30 June 2005 - The American Iron and Steel Institute (AISI) has joined The Metal Initiative, a coalition of metal construction product manufacturers and suppliers created to communicate the value of metal roofing and siding for commercial building applications.

TXI Prices Senior Notes Issued by Chaparral Steel

30 June 2005 - Texas Industries, Inc. announced that its wholly-owned steel business, Chaparral Steel Co., has priced its $300 million aggregate principal amount senior notes due 2013 at 10%.

Mittal Steel Announces Third Quarter Production Cutbacks

30 June 2005 - Mittal Steel Co. NV announced plans to reduce global production by one million tons in the third quarter of 2005. This follows similar reductions in the second quarter.

Universal Stainless Amends PNC Credit Agreement

29 June 2005 - Universal Stainless & Alloy Products, Inc. has amended its credit agreement with PNC Bank, which consists of a PNC Term Loan and a PNC Revolving Line of Credit.

CMC Opens New Birmingham Scrap Processing Facility

29 June 2005 - Commercial Metals Co. opened its newest scrap processing facility in Birmingham, Ala.

Lone Star Terminates Strategic Alliance with Tubos Del Caribe

29 June 2005 - Lone Star Technologies, Inc. announced that its largest subsidiary, Lone Star Steel Co., and Tubos del Caribe, SA (Tubocaribe), Colombia, have terminated their strategic alliance, following a change of ownership of Tubocaribe. The exclusive agreement was due to expire in October 2006.

CITT Rescinds Hot Rolled Steel Plate Orders

28 June 2005 - The Canadian International Trade Tribunal (CITT) has rescinded its June 27, 2000, finding on dumped hot rolled carbon steel plate from Brazil, Finland, India, Indonesia, Thailand and Ukraine and subsidized hot rolled carbon plate from India, Indonesia and Thailand.

Wheeling-Pittsburgh Revises 2nd Quarter Expectations

28 June 2005 - Continued softness in the flat rolled carbon sheet market has prompted Wheeling-Pittsburgh Corp. to revise second quarter shipment expectations from 569,000 to 545,000 tons, and expected production from 654,000 to 600,000 tons.

Stelco Obtains Conditional Extension of Stay Period

28 June 2005 - Stelco Inc. has been granted an Order of the Superior Court of Justice (Ontario) extending the stay period under its Court-supervised restructuring from July 8, 2005 until July 18, 2005.

George Adams Calls it Quits as Stelco Mediator

27 June 2005 - Mediation talks between Stelco Inc. and a number of its stakeholders, conducted for the past month under the direction of the Hon. George Adams, have ended.

Worthington Reports Record Fiscal Year Results

23 June 2005 - Worthington Industries, Inc. reported net earnings of $40.8 million on record sales of $817.0 million for the fourth quarter and net earnings of $179.4 million on sales of $3,078.9 million for the twelve month period ended May 31, 2005.

Commercial Metals Reports Best Third Quarter Ever

22 June 2005 - Commercial Metals Co. reported net earnings of $71.7 million on net sales of $1.7 billion for the quarter ended May 31, 2005, ranking it as the strongest third quarter ever for the company.

Stelco Court Monitor Files 32nd Report

22 June 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-second Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the issuance of Stelco's guidance update on June 1, 2005; cash flow results for the entities that filed under CCAA, including variances from the forecast included in the Monitor's 26th Report; and the mediation process.

Nucor Adjusts 2nd Quarter Earnings Outlook

21 June 2005 - Weakened demand for sheet steel, significant decreases in scrap prices, and accounting for inventory acquired with the purchase of Marion Steel have led Nucor to revise its outlook for the second quarter ending July 2, 2005.

Mittal Steel Declares Interim Dividend Payment

21 June 2005 - Mittal Steel Company’s Board of Directors has declared an interim dividend of US$0.10 per share, as per the dividend policy recently announced.

Ipsco Revises Second Quarter Outlook

20 June 2005 - Ipsco Inc. has revised its outlook for the second quarter. Although the company had originally estimated that second quarter earnings per share would meet or exceed $2.75 per diluted share, Ipsco now expects that earnings will be closer to $2.45 per diluted share.

AK Steel Announces July Surcharges

17 June 2005 - AK Steel will add a $208 per ton surcharge to invoices for flat-rolled carbon steel products shipped in July 2005. A $200 per ton surcharge will be added to invoices for electrical steel products shipped in July 2005.

Wheeling-Pittsburgh Announces 10b5-1 Trading Plans

16 June 2005 - Wheeling-Pittsburgh Corp.’s Chief Executive Officer and President have entered into 10b5-1 plans in order to sell a portion of their Restricted Stock, as have each of the company’s Vice Presidents.

Mittal Steel Conveys Lake Vessels

16 June 2005 - Mittal Steel Co. has disposed of its bareboat charter interests in two lake vessels that provide raw materials to its steel works in Burns Harbor, Ind. The vessels were chartered by International Steel Group, which Mittal Steel Co. acquired on April 15.