Steel News

Bankruptcy Court Criticizes WCI Steel Reorganization Plans

17 December 2004 - U.S. Bankruptcy Judge Marilyn Shea-Stonum filed an opinion late Wednesday concerning confirmation of the two proposed WCI Steel, Inc. reorganization plans previously presented to the court.

AK Steel Announces January 2005 Surcharges

16 December 2004 - AK Steel will add a $205 per ton surcharge for flat-rolled carbon steel products shipped in January 2005, an increase of $52 from December's surcharge of $153 per ton. A $400 per ton surcharge will be added to electrical steel products shipped in January 2005, up $140 from the December surcharge of $260 per ton for those products. January surcharges for AK Steel’s stainless steel products are available on the company's website.

Grupo Imsa Joins Consortium in Slab Supply Contract

16 December 2004 - Grupo Imsa SA de CV has signed a 10-year off-take agreement for slab with Corus Group, U.K., through its facility located in Teesside, England. Gruppo Marcegaglia, Italy, and Duferco International, Italy/Switzerland, are also participating in the agreement. In addition, Dongkuk Steel, Korea, has the right to join the consortium before January 5, 2005.

Ispat Shareholders Approve Formation of Mittal Steel Company

16 December 2004 - Ispat International NV shareholders have approved the company’s acquisition of LNM Holdings NV to form Mittal Steel Co. NV. Approval was granted during an Extraordinary General Meeting of Shareholders held Wednesday in Rotterdam. The transaction is expected to close on December 17, 2004.

TXI to Spin Off TXI Chaparral Steel to Shareholders

16 December 2004 - The Texas Industries, Inc. Board of Directors has approved a plan to spin off its wholly-owned steel business.

Oregon Steel Mills to Close Napa Pipe Mill

15 December 2004 - Oregon Steel Mills, Inc. will permanently close its large-diameter line pipe mill located in Napa, Calif., and sell the pipe mill assets and real estate in separate transactions.

Quanex Completes Purchase of Mikron Industries

14 December 2004 - Quanex Corp. announced the closing of the stock purchase of privately held Mikron Industries, for $205 million in cash.

Canadian Courts Deny USWA Locals Leave to Appeal Stelco Initial Order

13 December 2004 - The Supreme Court of Canada has denied several USWA locals leave to appeal the Initial Order providing Stelco Inc. with protection of the Companies' Creditors Arrangement Act in January 2004.

Ductwork Failure Slows Production at Wheeling-Pittsburgh Steel

13 December 2004 - Wheeling-Pittsburgh Steel Corp. has partially restored electricity to steelmaking facilities following a collapse of ductwork and related equipment on the roof of its basic oxygen furnace building late last Thursday.

Roanoke Electric Steel Reports Record Year-End Results

10 December 2004 - Roanoke Electric Steel Corp. reported record net earnings of $15,932,971 on record sales of $143,728,167 for the fourth quarter, and net earnings of $30, 446,248 on sales of $479,377,188 for the fiscal year ended October 31, 2004.

Stelco Court Monitor Files 14th Report

09 December 2004 - Stelco Inc.’s court-appointed Monitor has filed its Fourteenth Report regarding the company's Court-supervised restructuring. The Report outlines a proposed creditors' claims process and provides an update on Stelco's asset sale process.

AK Steel Announces Carbon Steel Price Increase

08 December 2004 - AK Steel will increase base prices for all carbon, flat-rolled steel products by $50 per net ton.

Innovative Systems to Supply OFAC Compliance Software for U. S. Steel

08 December 2004 - Innovative Systems, Inc. was selected by United States Steel Corp. to provide its web-based compliance solution for screening associates against the U.S. Treasury's Office of Foreign Assets Control (OFAC) list.

Universal Stainless Receives 2004 Import Tax Duties

08 December 2004 - Universal Stainless & Alloy Products, Inc. will recognize Other Income of $507,000 ($0.05 per diluted share) in the fourth quarter of 2004 for the receipt of 2004 import duties received from the U.S. Customs Service in accordance with the Continued Dumping and Subsidy Offset Act of 2000 (CDSOA). The CDSOA provides for payment of the duties collected by the U.S. Treasury to domestic companies injured by unfair foreign trade practices.

Steel Dynamics Names Chief Financial Officer

08 December 2004 - Steel Dynamics, Inc. announced the appointment of Gary Heasley to the position of Chief Financial Officer, effective January 1, 2005.

AK Steel Secures Coke Supply Through 2009

08 December 2004 - AK Steel has reached agreement for the supply of all anticipated coke purchases through the end of 2009.

ISG Negotiates Property Tax Deal for Warren Coke Plant Upgrade

08 December 2004 - International Steel Group Inc. and the Warren City Schools Board of Education have announced an agreement regarding partial exemption of property taxes over the next 15 years arising from future investments at ISG’s coke production facility in Warren Township.

U. S. Steel to Move Tech Center to former Homestead Works

07 December 2004 - United States Steel Corp. has entered into an agreement with Continental Real Estate, Inc. to purchase a building located in The Waterfront in Munhall, Pa., on the former site of U. S. Steel's Homestead Works. Terms of the sale were not disclosed.

AK Steel Settles Lawsuit over Environmental Violations

06 December 2004 - AK Steel has settled alleged environmental violations at the company’s specialty steel mill in Butler, PA. In a proposed consent decree lodged in federal court, AK Steel has agreed to a $1.2 million settlement consisting of a $300,000 penalty and $900,000 in projects that will reduce smog-producing ozone in Pennsylvania.

Dofasco and its Employees Donate to Tsunami Relief Fund

06 December 2004 - Dofasco is donating $100,000 to the Canadian Red Cross South Asia Earthquake and Tsunami Relief Fund.