Steel News

Government Agencies Grant Two of Three Permits to Minnesota Steel

06 September 2007 - Minnesota Steel moves one step closer to construction with the wetlands and water quality permits just issued by the Minnesota Department of Natural Resources and the U.S. Army Corps of Engineers.

AK Steel Announces October Electrical Surcharges

05 September 2007 - AK Steel will add a $225 per ton surcharge to invoices for electrical steel products shipped in October 2007.

German Authorities Clear Acquisition of Chaparral

05 September 2007 - Federal Cartel Office of the Federal Republic of Germany clears the Agreement and Plan of Arrangement for Gerdau Ameristeel’s acquisition of Chaparral Steel.

Consolidated Thompson Drops Wabush Plans Following Dofasco Decision

04 September 2007 - Consolidated Thompson says it will not proceed with its purchase of a majority interest in the Wabush Mines Joint Venture following Dofasco’s notification that it will exercise its option to purchase Stelco’s and Cleveland Cliffs’ interests.

ArcelorMittal Completes Laser Welding Deal with Noble International

04 September 2007 - ArcelorMittal and Noble International complete the transaction to combine their laser-welded tailored blanks businesses in an approximately US$300-million deal involving eight production facilities in western and eastern Europe, China, India and the U.S., plus interest in two joint ventures in Asia.

Gerdau Ameristeel Acquisition of Chaparral Clears Another Hurdle

04 September 2007 - The Committee on Foreign Investment in the United States okays the Agreement and Plan of Arrangement for Gerdau Ameristeel’s acquisition of Chaparral Steel.

CMC Chairman Announces Retirement Plans

31 August 2007 - Chairman of Commercial Metals Board of Directors Stanley A. Rabin announces his intent to retire at the end of CMC's 2008 fiscal year on August 31, 2008.

Horsehead Employees Reach Tentative Agreement on New Contract

31 August 2007 - Just as the current contract is about to expire, members of United Steelworkers local 8183-25 reach a tentative labor agreement covering 32 hourly members at Horsehead's Monaca, Pa., facility.

Gerdau Ameristeel Announces Revised Financing Commitment

31 August 2007 - Gerdau Ameristeel replaces a previously announced financing commitment intended to fund the company’s pending acquisition of Chaparral Steel with a firm commitment from ABN AMRO Bank NV, HSBC and J.P. Morgan Securities as Joint Lead Arrangers.

Steel Dynamics Updates Third Quarter Earnings Guidance

31 August 2007 - Steel Dynamics says third-quarter earnings could be in an updated range of $1.02 to $1.07 per diluted share, but says its near-term market assessment remains relatively unchanged from its most recent news release in July.

U. S. Steel Marks First Year of Mercury Switch Recovery Program

30 August 2007 - U. S. Steel marks the one-year anniversary of its participation in the National Vehicle Mercury Switch Recovery Program, a national mercury reduction program that is expected to reduce up to 75 tons of mercury emissions over the next 15 years.

AK Steel Completes Corporate Headquarters Move

30 August 2007 - AK Steel completes the move of its corporate headquarters from Middletown to West Chester, Ohio, a northern Cincinnati community.

SeverCorr Launches Meltshop and Hot Mill Operations

30 August 2007 - Production of hot rolled steel coils is underway at SeverCorr with the start-up of operations in the facility’s new meltshop, caster, and hot mill.

Carpenter Appoints New Senior Vice President - General Counsel and Secretary

28 August 2007 - Carpenter Technology announces the appointment of Oliver C. Mitchell Jr. as its new Senior Vice President—General Counsel and Secretary.

Timken Names Leaders for Bearings and Power Transmission Group

28 August 2007 - Timken announces five new leaders for the businesses within its new Bearings and Power Transmission Group.

Worthington Safety Program Reduces Serious Injuries by 44%

28 August 2007 - Worthington Industries reports first-year results for its safety management program, including a 44% reduction in serious injuries, 22% reduction in total OSHA recordable injuries, and 31% reduction in the number of workers’ compensation claims.

Nucor Completes Acquisition of Magnatrax

28 August 2007 - Nucor completes its acquisition of Magnatrax for a cash purchase price of approximately $280 million.

Dofasco to Install Pulverized Coal Injection System

27 August 2007 - Dofasco will build a $60-million pulverized coal injection system at its two blast furnaces in Hamilton, supported in part by a $6.05-million, 5-year loan under the Government of Ontario’s Advanced Manufacturing Investment Strategy program.

U. S. Steel to Acquire Stelco

27 August 2007 - Amid much market speculation, U. S. Steel announces plans to acquire Stelco for $38.50 (Canadian) per share for an aggregate value of approximately $1.1 billion (U.S.) based on approximately 30 million fully diluted shares.

Waiting Period Passes for Chaparral-Gerdau Ameristeel Deal

24 August 2007 - Chaparral and Gerdau Ameristeel reach the end of their Hart-Scott-Rodino waiting period, satisfying one of the pre-conditions for consummation of their merger agreement.