Steel News

SMS Demag and Dillinger Huttenwerke to Cooperate in Automation Technology

17 June 2004 - The AG der Dillinger Hüttenwerke and SMS Demag AG have signed an agreement on long-term cooperation in the field of automation technology for heavy plate rolling.

VAI Pomini to Upgrade Wuhan Bloom Caster with Dynamic Soft Reduction

17 June 2004 - Wuhan Iron & Steel Co. (WISCO), Wugang Group, P.R. China, recently awarded VAI Pomini GmbH an order from for further quality improvements to a 5-strand bloom caster in Steel Meltshop No. 1.

Ipsco Adjusts 2nd Quarter Earnings Outlook

16 June 2004 - Ipsco Inc. announced its second quarter earnings will exceed the $0.75 per share consensus analyst estimate by more than 45%, and expects earnings will meet or exceed $1.10 per diluted share.

Nucor Adjusts 2nd Quarter Earnings Outlook

16 June 2004 - Bouyed by increased margins, strengthening demand and turnarounds at its newest facilities, Nucor Corp. has announced increased earnings expectations for its second quarter ending July 3, 2004.

Timken and Union Begin Discussions over Announced Plant Closures

16 June 2004 - The Timken Co. and United Steelworkers union met earlier this week to begin the effects bargaining process involving the Canton bearing plants. The parties also agreed to explore the possibility of opening formal negotiations for the current labor contract over the next few weeks.

Bricmont to Supply Reheat Furnace for Nucor Kankakee

16 June 2004 - Nucor Steel recently awarded a multimillion dollar contract to Bricmont, Inc. for a new pusher reheat furnace.

Dietrich Metal Framing Explores Joint Venture with Encore Coils

15 June 2004 - Dietrich Metal Framing announced that it is in discussions with Encore Coils about the possibility of forming a Canadian metal framing joint venture.

AK Steel and UAW Reach Agreement at Rockport Works

15 June 2004 - AK Steel Corp. announced that members of the United Autoworkers of America (UAW) have voted to accept a progressive three-year labor agreement covering about 160 hourly employees at the company's Rockport, Ind., Works.

WL Ross Group Wins Preferred Bidder Status for Horizon Natural Resources

14 June 2004 - The WL Ross led group of holders of a majority of Horizon Natural Resources' second lien notes has been designated the preferred bidder for the company’s assets following their recent bid increase to $277,350,000 from $240,000,000.

Stelco Provides Restructuring Update

14 June 2004 - Ernst & Young Inc. has released the Fifth Report of the Monitor on Stelco Inc.'s Court-supervised restructuring under the Companies' Creditors Arrangement Act (CCAA). The report highlights several recent developments, including the lack of progress in stakeholder discussions, and recent court motions by General Motors and Stelco.

CMC Announces Extension of Exchange Offer

11 June 2004 - Commercial Metals Co. announced that its offer to exchange all of its outstanding 5.625% Senior Notes due 2013 for its registered 5.625% Senior Notes due 2013 will expire at 5:00 p.m., Eastern time, on July 7, 2004.

Allegheny Technologies Declares Quarterly Dividend

11 June 2004 - Allegheny Technologies Inc. (ATI) announced that its Board of Directors declared a quarterly dividend of $0.06 per share of common stock. The dividend is payable June 29, 2004, to stockholders of record at the close of business June 21, 2004.

Severstal North America Ramping up Program for IF Steel Products

11 June 2004 - Severstal North America will receive its first lot of hot rolled coils of IF (interstitial free) steel from JSC Severstal as part of the company’s efforts to develop, commercialize and expand its IF steel deliveries to domestic and foreign markets, according to V.V. Rahuba, Project Manager.

Stelco Comments on Legal Action Taken by General Motors

11 June 2004 - Stelco Inc. commented on action taken on Thursday by General Motors Corp. regarding its supply arrangements with Stelco's Lake Erie facility. Stelco has received a letter from General Motors and has been served with Motion materials seeking the Court's permission to terminate General Motors' supply arrangements with Stelco's Lake Erie facility effective July 31, 2004.

Transformer Failure Curtails Production at SMI Texas

10 June 2004 - Structural Metals, Inc. has suffered failure of the primary and principal backup electric arc furnace transformers at its Seguin, Texas, facility (SMI Texas).

Timken to Increase Tubing Steel Prices

09 June 2004 - The Timken Corp. announced it would increase prices on tubular steel products by 3-1/2 to 10%, depending on size, grade and finish of the steel. Double thermal-treated products will increase an additional 2%.

Roanoke Electric Steel Reports 2nd Quarter Results

09 June 2004 - Roanoke Electric Steel Corp. reported net earnings of $5,222,056 on record sales of $118,949,522 for the second quarter and net earnings of $6,755,732 on sales of $206,205,032 for the six months ended April 30, 2004.

Timken to Increase Specialty Steel Prices

08 June 2004 - Timken Latrobe Steel announced it would increase prices by 4% on all air-melt stainless and remelted aerospace alloy steel grades. The price change is effective with all new orders received. Raw material surcharges will remain in effect.

Steel Dynamics Announces Commencement of Refinancing

08 June 2004 - Steel Dynamics, Inc. announced that it intends to launch syndication of a new $225 million senior secured revolving credit facility.

WCI Steel Begins Blast Furnace Reline

08 June 2004 - WCI Steel, Inc. announced that the $15.3 million reline of its blast furnace began on schedule Friday, with the furnace expected to come back on line July 17.