Steel News

Steelworkers Object to Stelco Motion to Approve Deutsche Bank Proposal

22 November 2004 - The United Steelworkers filed objection late last week to Stelco Inc.'s motion to seek approval for the financing commitment offered by Deutsche Bank (the DB Commitment) with the Ontario superior court.

Stelco Reaches Another Round of Deadlines

22 November 2004 - Over the weekend, Stelco Inc. provided updates regarding its capital raising activities and other matters. In its second update, the company emphasized the importance of its continued focus on maintaining its important business relationship with General Motors.

Gerdau Ameristeel Underwriters Exercise Over-Allotment Option

19 November 2004 - Gerdau Ameristeel Corp. announced that underwriters of the company’s recent public offering of common shares have exercised their over-allotment option to purchase an additional 4,381,000 common shares of Gerdau Ameristeel at the initial public offering price of Cdn. $5.90 per share.

AK Steel Awards Supplier of the Year Honors

19 November 2004 - AK Steel has honored three of its suppliers for outstanding service, value and strategic support of the steelmaker's business plan. The awards, the first ever presented by AK Steel, were announced during a meeting in Middletown of representatives of the steelmaker's largest 100 suppliers, based on commodity value and services provided. The suppliers attending represented approximately $2.25 billion in goods and services purchased annually by AK Steel.

ISG Successfully Launches HBI Facility in Trinidad

19 November 2004 - International Steel Group Inc. announced the successful start-up of its hot briquetted iron (HBI) facility in Trinidad and Tobago. ISG purchased the facility in July 2004 from Cliffs and Associates Limited as part of its strategy to stabilize its raw material supplies and costs.

Stelco Reaches Tentative Contract Agreement with General Motors

18 November 2004 - Stelco Inc. has reached agreement with General Motors for a contract commencing April 1, 2005 and ending December 31, 2006. While recent contracts with General Motors have typically been for one year, the new arrangement covers a longer period.

Ivaco Updates Financial Reporting Plans

18 November 2004 - Ivaco Inc. announced that, given the previously announced Court-approved sale of company assets to a subsidiary of Heico Companies, LLC, it will not be in a position to file its financial statements for the period ended Sep. 30, 2004, or, possibly, for future periods.

Steelworkers Oppose Deutsche Bank Offer for Stelco

18 November 2004 - The United Steelworkers announced that it is firmly opposed to the deal between Deutsche Bank and Stelco Inc. and will oppose it in court on Nov. 22.

Deutsche Bank to Remove 3% Equity Clause from Stelco Agreement

18 November 2004 - Stelco Inc. has had discussions with Deutsche Bank for the purpose of deleting reference to a management share plan in the Deutsche Bank Commitment Letter.

Cliffs Announces New Officers

16 November 2004 - Cleveland-Cliffs Inc. announced the election of George W. Hawk as General Counsel and Secretary, and Dana W. Byrne as Vice President—Public Affairs.

AK Steel Announces Surcharges and Surcharge Modifications

16 November 2004 - AK Steel has advised its flat-rolled carbon steel customers that a $153 per ton surcharge will be added to invoices for products shipped in December, an increase of $4 from November's surcharge of $149 per ton. AK Steel also advised its electrical steel customers that a $260 per ton surcharge will be added to invoices for electrical steel products shipped in December, up $10 from the November surcharge of $250 per ton for those products.

Stelco Provides Additional Details Regarding Deutsche Bank Commitment

16 November 2004 - Stelco Inc. provided further details of the transaction announced on November 14, 2004, with respect to a proposal from Deutsche Bank Securities Inc. and Deutsche Bank AG.

Stelco and Deutsche Bank Agree on Terms of New Financing

15 November 2004 - Stelco Inc.’s Board of Directors unanimously approved a term sheet with Deutsche Bank Securities Inc. and Deutsche Bank AG. The term sheet provides for a recapitalization of Stelco Inc. involving a financing of $900,000,000. The financing includes an asset-based loan facility co-underwritten by Deutsche Bank AG and CIT Business Credit Canada, for which Deutsche Bank Securities Inc. will act as Lead Arranger, and a purchase commitment by Deutsche Bank Securities Inc. of Stelco Inc. convertible notes and bridge notes.

Steel Making a Comeback in Automotive Steel Wheels

13 November 2004 - Steel wheels, once facing a rapid decline in use, are making a strong comeback as automakers realize they can save up to $100 per vehicle without sacrificing quality or performance. DaimlerChrysler Corp., Ford Motor Co. and General Motors Corp., plus many European and Asian carmakers, are changing back to steel wheels for base wheels as well as for upgrade packages.

AK Foundation to Support New Middletown Senior Center

12 November 2004 - The AK Steel Foundation has pledged $1 million over a five-year period to help finance the construction of a new center planned by Middletown Area Senior Citizens, Inc.

USS Development Center to Promote Investment in Serbia

12 November 2004 - United States Steel Corp. announced that officials of the U. S. Steel Serbia Economic Development Center (EDC) will lead a team of government and business representatives to the United States to promote North American investment in Serbia. The group will host a series of road show investment roundtables November 13-20 in New York, Cleveland and Chicago.