Steel News

Worthington to Sell Interest in European Steel Processing Venture

03 November 2008 - Worthington Steel agrees to sell its 49% equity interest in Canessa Worthington Slovakia to its joint venture partner, The CLN Group.

Schnitzer Steel Falls Short on Nasdaq Independent Director Requirement

03 November 2008 - Schnitzer Steel receives Nasdaq Staff Deficiency Letter indicating that the company was not in compliance with the independent director requirement for continued listing.

U. S. Steel Acquires Outstanding Interests in Clairton 1314B Partnership

03 November 2008 - U. S. Steel acquires additional equity interests that it did not previously own in the Clairton 1314B Partnership LP for a price of $104 million, and subsequently terminated the Partnership.

CMC Reports 4th Quarter, Full Year Results

31 October 2008 - Commercial Metals reports net earnings of $63.5 million on net sales of $3.1 billion for the fourth quarter, and net earnings of $232.0 million on net sales of $10.4 billion for the year ended August 31, 2008.

Cliffs Reports Record 3rd-Quarter, Nine-Month Results

30 October 2008 - Cliffs Natural Resources reports net earnings of $175 million on quarterly record consolidated revenues of $1.2 billion for the third quarter, and net income of $462 million on record revenues of $2.7 billion for the nine-month period ended Sept. 30, 2008.

Timken Joint Venture Breaks Ground on Wind Energy Plant

29 October 2008 - Timken’s new joint venture, Timken XEMC (Hunan) Bearings Co., recently broke ground on a new wind energy plant that it will build in China’s Hunan province.

Carpenter Technology Reports First Quarter Results

29 October 2008 - Carpenter Technology reported net income of $25.8 million on net sales of $413.7 million for the fiscal first quarter ended September 30, 2008.

Schnitzer Steel Reports Record 4th Quarter, Annual Results

29 October 2008 - Schnitzer Steel Industries reported record net income of $126 million on record revenues of $1.3 billion for the fiscal fourth quarter and record net income of $249 million on revenues of $3.6 billion for the year ended August 31, 2008.

Cliffs to Idle Three Iron Ore Pellet Furnaces

29 October 2008 - Cliffs Natural Resources is initiating production curtailments on two small pellet furnaces at Northshore Mining and on a small pellet furnace at United Taconite, two of the company’s six North American iron ore mines.

U. S. Steel Reports Record 3rd Quarter Results

29 October 2008 - United States Steel reports net income of $919 million on net sales of $7.3 billion for the third quarter, and net income of $1.82 billion on net sales of $19.3 billion for the nine months ended September 30, 2008.

Timken Reports Record Third-Quarter Earnings

28 October 2008 - Timken reports income from continuing operations of $130.4 million on record third-quarter sales of $1.48 billion for the third quarter, and net income of $303.8 million on sales of $4.45 billion for the first nine months of 2008.

Gerdau Ameristeel Announces Acquisition of Metro Recycling

28 October 2008 - Gerdau Ameristeel announces its acquisition of Metro Recycling, a scrap processor headquartered in Guelph, Ont.

Severstal Resources Reports Results of Takeover Bid

27 October 2008 - Severstal Resources’ offer to purchase the outstanding common shares of PBS Coals Limited expired last Friday, October 24, 2008.

Cliffs Updates 2008 Full-Year Outlook

24 October 2008 - Cliffs Natural Resources updates its 2008 full-year outlook in conjunction with a definitive joint proxy statement/prospectus for the company’s proposed merger with Alpha Natural Resources.

GE Provides $200-Million Asset-Based Loan to Severstal Warren

24 October 2008 - GE Commercial Finance Corporate Lending provides a $200-million asset-based credit facility to Severstal Warren for ongoing working capital needs.

Universal Stainless Reports 3rd Quarter Results

24 October 2008 - Universal Stainless & Alloy Products reports net income of $2.7 million on sales of $57.6 million for the third quarter, and net income of $12.7 million on sales of $178.0 million for the first nine months of 2008.

Worthington Industries Announces Layoffs, Facility Closings

24 October 2008 - Worthington Industries will reduce its workforce by nearly 300 through a combination of layoffs and closure of the company’s Louisville steel processing facility and its Renton, Wash., metal framing facility.

Allegheny Technologies Reports Third Quarter Results

23 October 2008 - Allegheny Technologies Inc. reported net income of $144.1 million on sales of $1.39 billion for the third quarter, and net income of $455.0 million on sales of $4.20 billion for the nine months ended September 30, 2008.

Steelworkers Ratify Four-Year Contract with ArcelorMittal

22 October 2008 - Members of the United Steelworkers overwhelmingly ratify a new four-year contract with ArcelorMittal in a mail-in secret ballot vote that concluded Tuesday.

AK Steel Reports Record 3rd Quarter Net Income

22 October 2008 - AK Steel reports record quarterly net income of $188.3 million on net sales of $2,157.6 million for the third quarter, and record net income of $434.6 million on record sales of $6,185.6 million for the first nine months of 2008.