Steel News

Ipsco Announces Cash Tender Offer and Consent Solicitation

19 June 2007 - Ipsco Inc. has commenced a cash tender offer to purchase any and all of its outstanding 8 3/4% Senior Notes due 2013, as well as a related consent solicitation to amend the indenture governing the Notes.

Timken to Increase Prices on Thermal Treated Steel Products

19 June 2007 - Timken will increase prices on double and triple thermal treated product, effective with shipments from Jan. 1, 2008.

Wheeling-Pittsburgh Comments on Scrap Supplier Lawsuits

19 June 2007 - Wheeling-Pittsburgh comments on an arbitration proceeding commenced by Herman Strauss, and a lawsuit filed by Metal Management, Inc.

Wheeling-Pittsburgh Once Again in Compliance with NASDAQ Rules

18 June 2007 - Wheeling-Pittsburgh has amended notes issued in March 2006 to affiliates of James P. Bouchard and Craig T. Bouchard, bringing the company back into compliance with NASDAQ’s Marketplace Rule 4350(i)(1)(A).

Pacific Coast Steel Acquires Las Vegas Contractor Business

15 June 2007 - Gerdau Ameristeel’s Pacific Coast Steel joint venture has agreed to purchase the assets of Valley Placers, a reinforcing steel contractor in Las Vegas that also operates a steel fabrication facility and retail construction supply business.

Dietrich Metal Framing Supports Extreme Makeover: Home Edition Project

15 June 2007 - Dietrich Metal Framing will supply metal wall and floor-framing materials for the construction of a home and a community center for a deserving family in Hawaii as part of the hit TV show Extreme Makeover: Home Edition.

Cleveland-Cliffs to Acquire Metallurgical Coal Producer PinnOak Resources

15 June 2007 - Cleveland-Cliffs Inc. has agreed to acquire PinnOak Resources, a domestic producer of high-quality, low-volatile metallurgical coal, for $450 million in cash plus approximately $150 million in debt.

U. S. Steel Completes Purchase of Lone Star Technologies

15 June 2007 - United States Steel completes its acquisition of Lone Star Technologies for an aggregate purchase price of approximately $2.1 billion.

Steel Dynamics to Acquire The Techs

14 June 2007 - Steel Dynamics enters into a definitive agreement to acquire Pennsylvania-based The Techs, paying $360 million for the company on a cash-free debt-free basis, subject to certain adjustments.

Siemens to Supply Temper Mill for Nucor Steel Tuscaloosa

13 June 2007 - Nucor Steel awards Siemens a contract to add a new wide Temper Mill to the existing Cut-to-Length Line at the company’s Tuscaloosa, Ala., facility.

SSAB Gets Green Light for Ipsco Acquisition

13 June 2007 - Ipsco and SSAB Svenskt Stal announce the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for their proposed plan for SSAB to acquire Ipsco for a cash consideration of U.S. $160 per share.

Nucor Announces 2nd Quarter Earnings Guidance

12 June 2007 - Nucor says it expects earnings for the second quarter to be in the range of $1.05 to $1.15 per diluted share, “historically strong earnings,” but below this year's first-quarter results and the record second quarter earnings achieved last year.

U.S. Steel to Accelerate Repairs at Clairton Coke Works

11 June 2007 - U.S. Steel will invest $76 million in Battery B at its Clairton Coke Works and pay a civil penalty of $395,900 as part of a consent agreement with the Allegheny County (Pa.) Health Department.

Timken Expands Long-Length Steel Tubing Size Capability

08 June 2007 - Timken has gained new sales after expanding its capabilities to produce long-length steel tubing to meet Houston-based Dril-Quip’s request for hot-rolled, quenched, and tempered seamless tubing in lengths up to 37 feet.

Carpenter Breaks Ground for New Facility in Reading

08 June 2007 - Carpenter Technology breaks ground for a $115-million facility in Reading, Pa., that will add new vacuum induction melting furnaces, and new vacuum arc and electro-slag remelting furnaces for a 40% expansion of its premium melt capacity.

Gerdau Ameristeel Announces New COO

07 June 2007 - Gerdau Ameristeel announced the appointment of a new Vice President, Chief Operating Officer responsible for all the company's steel manufacturing and commercial operations, as well as procurement and logistics.

AK Steel Announces Increases for Automotive Exhaust Alloys

07 June 2007 - AK Steel says it will increase transaction base prices by 10 to 16% for stainless steel alloys used primarily in automotive exhaust applications.

Cleveland-Cliffs, Stelco Agree to Sell Wabush Interest

07 June 2007 - Cleveland-Cliffs and Stelco have entered an agreement to sell their 26.8% interest and 44.6% interest, respectively, in the Wabush Mines joint venture to Consolidated Thompson Iron Mines for $64.3 million cash, 3.0 million warrants of common shares, and Consolidated’s assumption of ongoing employee and asset retirement obligations.

SeverCorr Cold Mill Now Operational

07 June 2007 - SeverCorr has successfully started up its new five-stand tandem cold mill — one of only four cold mills in the United States coupled to a pickle line, and the only one capable of producing coils up to 72-inch wide.

AK Steel Announces July Electrical Surcharges

06 June 2007 - AK Steel says it will add a $220-per-ton surcharge to invoices for electrical steel products shipped in July 2007.