Steel News

Roanoke Electric Steel Adjusts Fuel Surcharge

18 March 2005 - Roanoke Electric Steel Corp. has informed its customers that it will increase its fuel surcharge from 8 to 12%, effective with shipments on Monday, March 21.

Sterling Steel to Implement Ivara Asset Reliability Program

18 March 2005 - Sterling Steel Co., LLC has partnered with Ivara Corp. to improve equipment reliability. The asset reliability initiative will focus on improving maintenance effectiveness and increasing asset performance, with the ultimate goals of increasing equipment availability and throughput, reducing plant downtime, lowering operating costs, and optimizing spare parts inventory.

Worthington Industries Reports 3rd Quarter Results

17 March 2005 - Worthington Industries, Inc. reported net earnings of $33.1 million on net sales of $747.4 million for third quarter, and net earnings of $138.6 million on net sales of $2,261.9 million for the nine-month period ended February 28, 2005.

Steel Dynamics Revises Earnings Outlook

17 March 2005 - Steel Dynamics, Inc. has adjusted its outlook for the first half of 2005. The new guidance forecasts lower than previously expected first quarter results, but a stronger and substantially improved second quarter.

AK Steel Announces April Surcharges

16 March 2005 - AK Steel will add a $230 per ton surcharge to invoices for flat-rolled carbon steel products shipped in April 2005, an increase of $16 from March's surcharge of $214 per ton. For electrical steel products, the company will add a $295 per ton surcharge, a decrease of $45 from the March surcharge of $340 per ton for those products.

Ipsco to Initiate Share Repurchase Program

16 March 2005 - Ipsco Inc. announced its intention to initiate a share repurchase program, by way of a normal course issuer bid, through the facilities of the Toronto Stock Exchange of up to 10% of the public float of its Common Shares, approximately 4.2 million shares. As of March 3, 2005 the company had 50,161, 875 Common Shares outstanding.

Timken Latrobe to Increase Aerospace Steel Prices

15 March 2005 - Timken Latrobe Steel will increase prices by 5 to 10% on all remelted aerospace alloys and air melt stainless steel grades. The price change will be effective with all new orders received beginning March 15, 2005. Raw material surcharges will remain in effect.

Wheeling-Pittsburgh Announces 2004 Results

15 March 2005 - Wheeling-Pittsburgh Corp., the holding company of Wheeling-Pittsburgh Steel Corp., reported net income of $6.4 million on net sales of $373.7 million for the fourth quarter and net income of $62.5 million on net sales of $1.4 billion for the year ended December 31, 2004.

Ispat Inland Receives Requisite Consents

15 March 2005 - Ispat Inland Inc. affiliate Ispat Inland ULC has received the requisite consents from holders of its Senior Secured Floating Rate Notes due 2010 and its 9.75% Senior Secured Notes due 2014 to the amendments to the indenture under which the securities were issued.

Wheeling-Pittsburgh to Upgrade Hot Strip Mill

15 March 2005 - Wheeling-Pittsburgh Steel Corp. announced it will add automatic roll changers at its 80-Inch Hot Strip Mill.

Nucor Increases 1st Quarter Earnings Guidance

14 March 2005 - Better-than-expected shipments and margins have prompted Nucor Corp. to increase its earnings guidance for the first quarter ending April 2, 2005.

WHX Bankruptcy Should Not Impact Wheeling-Pitt Benefits

14 March 2005 - The United Steelworkers of America (USWA) announced that the Union does not expect that the benefits current members or retirees receive from Wheeling-Pittsburgh Steel will be affected as a result of WHX Corp.’s filing for Chapter 11 Bankruptcy Protection.

Mittal Steel and ISG Proceed Toward Proposed Merger

14 March 2005 - Mittal Steel Co. NV and International Steel Group Inc. announced that the registration statement on Form F-4 filed by Mittal Steel with the Securities and Exchange Commission in connection with the proposed merger involving ISG and Mittal Steel has been declared effective as of March 11, 2005.

Oregon Steel Mills Announces 4th Quarter Results

11 March 2005 - Oregon Steel Mills, Inc. announced net income of $44.8 million on sales of $302.0 million for the fourth quarter of 2004.

Ispat Inland Further Increases Consent Offer

10 March 2005 - Ispat Inland Inc. affiliate Ispat Inland ULC has increased the consent payment it will make to the holders of its Senior Secured Floating Rate Notes due 2010 and 9.75% Senior Secured Notes due 2014 that validly deliver (and not revoke) consents to $5.00 for each $1,000 principal amount of Notes held by such holders.

Cleveland-Cliffs Extends Portman Offer

10 March 2005 - Cleveland-Cliffs Inc. has extended its offer for all of the shares in Portman Limited for four days.

Esmark Acquires U.S. Metals and Supply

10 March 2005 - Esmark Inc. announced its acquisition of U.S. Metals and Supply Co. for $16 million.

Former Ivaco Directors Resign

09 March 2005 - Ernst & Young Inc., court-appointed Monitor of Ivaco Inc. and certain of its affiliates announced that all of the directors have advised the Monitor of their resignation.

Stelco Offers Operating Earnings Estimate

09 March 2005 - Stelco Inc. has issued preliminary unaudited operating results for the fourth quarter and year 2004, as well as commentary on estimated 2005 results. The company cautions that the estimates are unaudited and do not include possible adjustments to operating earnings that may be required as a result of the capital raising and sales process, the claims reconciliation process or other matters that may arise prior to finalization of Stelco's 2004 financial statements.

Timken to Sponsor Engineer of the Year Award

08 March 2005 - The Timken Co. announced it will sponsor Design News' "Engineer of the Year" award.