Steel News

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.

Nucor Reports Record 3rd Quarter Results

17 October 2008 - Nucor reports record consolidated net earnings of $734.6 million on record consolidated net sales of $7.45 billion for the third quarter, and record consolidated net earnings of $1.73 billion on record consolidated net sales of $19.51 billion for the first nine months of 2008.

Cleveland-Cliffs Is Now Cliffs Natural Resources

16 October 2008 - Cleveland-Cliffs officially changes its name to Cliffs Natural Resources, and formally adopts ‘Cliffs,’ the one-word name by which it is commonly known.

GE Corporate Lending Increases Project Financing for Severstal Columbus

16 October 2008 - GE Commercial Finance Corporate Lending increases senior secured financing for Severstal Columbus, formerly known as SeverCorr, by $100 million.

Steel Dynamics Reports Strong Third Quarter Results

16 October 2008 - Steel Dynamics reports net income of $193 million on net sales of $2.6 billion for the third quarter, and record net income of $546 million on record net sales of $6.9 billion for the first nine months of 2008.

Cleveland-Cliffs Adopts Shareholder Rights Plan

15 October 2008 - Cleveland-Cliffs directors adopt a shareholder rights plan intended to protect the company and its shareholders from potentially coercive takeover practices or takeover bids.

Worthington Industries Announces New President

14 October 2008 - Worthington Industries appoints George P. Stoe as President, in addition to his current duties as Chief Operating Officer.

Cleveland-Cliffs Confirms Results for October 3 Special Shareholders Meeting

13 October 2008 - Cleveland-Cliffs reports that shareholders rejected Harbinger Capital Partners’ control share acquisition proposal during the special shareholders meeting held on Oct. 3, 2008, based on results provided by IVS Associates, the independent Inspector of Elections.

EPA Report Showcases American Steel Industry’s Steep Decline in Emissions

13 October 2008 - A just-released report by the U.S. Environmental Protection Agency recognizes the American steel sector for its 67% decline of total normalized and absolute emissions between 1995 and 2006, despite production increases.

Universal Stainless Reports Bridgeville Labor Agreement, 3Q Guidance Revision

13 October 2008 - Universal Stainless & Alloy Products’ announcement of a new 5-year collective bargaining agreement at its Bridgeville facility is tempered by the concurrent announcement of a downward revision in third quarter earnings guidance.

World Steel Association Sets Target for Data Collection

10 October 2008 - The World Steel Association reports on its success to date on phase 1 of its CO2 emissions data collection program, and sets a stretch target to the end of the year for completion of data collection.

RSI to Supply X-ray Thickness Gauge for Severstal Sparrows Point Hot Mill

10 October 2008 - Radiometric Services & Instruments will supply a complete new X-ray thickness gauging system for Severstal Sparrows Point’s 68-inch hot strip mill.

EPA Settles PCB Violations with Severstal Sparrows Point

09 October 2008 - Severstal Sparrows Point settles an ongoing case involving alleged violations of federal PCB regulations at its Sparrows Point, Md., steelmaking facility.

ALJ Releases 2008 Annual Results

07 October 2008 - ALJ, the parent company of Kentucky Electric Steel, reports record revenues of $185.6 million for the fiscal year ended September 30, 2008.

U.S. Army Stryker Combat Vehicles to Use New ATI Armor Steel

07 October 2008 - Allegheny Technologies’ next-generation ATI 500-MIL armor steel is selected for an armored situational awareness kit on the U.S. Army’s Stryker Light Armored Vehicles.

Cliffs Shareholders Reject Harbinger’s Control Share Acquisition Proposal

06 October 2008 - Cleveland-Cliffs says that it appears that approximately 80% of shares voted by holders other than Harbinger Capital Partners, its equity-swap counter parties or other ‘interested’ shareholders voted AGAINST the proposed control share acquisition during the recent special meeting of shareholders.

AK Steel Announces November 2008 Surcharges for Electrical Steels

03 October 2008 - AK Steel will add a $620 per ton surcharge to invoices for electrical steel products shipped in November 2008.

Allegheny Technologies Announces Operating Management Changes

03 October 2008 - Allegheny Technologies announces several executive-level changes to its organization, changes the company says are designed to simplify and streamline the reporting relationships and leadership of ATI’s key manufacturing operations.

Converteam to Supply Electrical, Automation Systems for ThyssenKrupp’s Alabama Facilities

03 October 2008 - Converteam is selected by Fives Lille Industries and SMS Demag for the supply of the complete electrical and automation systems for ThyssenKrupp's greenfield combined carbon and stainless steel plant to be constructed in Mount Vernon, Ala.

Nippon-Kobe Joint Company to Recycle Steel Dust into DRI

03 October 2008 - Nippon Steel and Kobe Steel will establish a joint company that will recycle steel dust using the FastMet process to produce usable direct-reduced iron.