Steel News

Restructuring Efforts Pay off for ThyssenKrupp Electrical Steel

01 December 2005 - ThyssenKrupp Steel is beginning to reap the benefits of restructuring its electrical steel operations. For the 2004/2005 fiscal year, subsidiary ThyssenKrupp Electrical Steel GmbH reported an eight-figure profit, which compares with a high eight-figure loss a year earlier.

Mittal Steel Increases Shareholding in Mittal Steel Zenica to 92%

01 December 2005 - Mittal Steel Co. NV has acquired a further 41% stake in Mittal Steel Zenica from the Kuwaiti Investment Agency for US$98 million.

Arcelor to Buy Stake in Two Costa Rican Long Carbon Steel Producers

01 December 2005 - Arcelor's Brazilian unit Arcelor Brasil has signed an agreement to buy a 50% stake of the capital of the Costa Rican companies Laminadora Costarricense SA and Trefileria Colima from Grupo Pujol Marti.

Arcelor Enters Into Strategic Partnership for Erdemir

01 December 2005 - Arcelor and the Turkish pension fund Ordu Yardimlasma Kurumu (OYAK) have agreed that Arcelor will acquire 41% of Ataer Holding AS, a wholly owned OYAK subsidiary that was founded to acquire a 49.29% equity stake of Eregli Demir ve Celik Fabrikalari AS (Erdemir).

Ipsco Wins Quality Award for Alabama Steelworks

01 December 2005 - Ipsco Inc.'s Alabama Steelworks has been named one of the winners of the 2005 Alabama Quality Awards.

October Steel Imports 18% Higher than Previous Month

30 November 2005 - The United States imported a total of 2,726,000 net tons (NT) of steel in October according to the latest report by the American Iron and Steel Institute (AISI), which is based on preliminary Census Bureau data. The total included 1,995,000 net tons of finished steel.

Gerdau Ameristeel to Resume Normal Operations at Beaumont Mill

30 November 2005 - Gerdau Ameristeel announced that it will resume normal operations at its steel wire rod mill in Beaumont, Texas, on December 12, 2005.

Surma to Replace Usher as Chairman of U. S. Steel

30 November 2005 - United States Steel Corp.’s board of directors has elected John P. Surma Jr. chairman of the board, effective February 1, 2006.

SMS Demag to Supply Meltshop, CSP, and Finishing Equipment for SeverCorr

28 November 2005 - SeverCorr LLC has placed an order with SMS Demag, Germany, for the supply of all production facilities for its integrated works, ranging from steelmaking to the hot strip mill, cold rolling mill and strip surface finishing.

Key Stelco Stakeholders Reach Agreement on Restructuring Plan

25 November 2005 - Key Stelco stakeholders have reached a consensual agreement on the economic terms of a restructuring plan.

Arcelor Extends Take-Over Bid for Dofasco

24 November 2005 - Dofasco Inc.’s Board of Directors is reviewing an unsolicited all-cash takeover bid from Arcelor SA for all outstanding Dofasco common shares.

Timken Latrobe to Increase Specialty Steel Prices

22 November 2005 - Timken Latrobe Steel announced it would increase prices by 3 to 8% on all remelted aerospace alloys. The price change will be effective immediately on all new inquiries and for all new orders received beginning Dec. 1, 2005.

Paulson Asserts Right of Shareholders to Consider Algoma Business

22 November 2005 - Paulson & Co. Inc., which holds (directly and indirectly) 19.0% of the outstanding shares of Algoma Steel, asserted the right of Algoma shareholders to requisition a special meeting, elect directors and consider company business as provided by Ontario law.

Stelco Creditor Meetings Adjourned Again

22 November 2005 - Stelco Inc. announced that the meeting of its creditors has been further adjourned until Wednesday, November 23, 2005. Meetings of creditors of Stelco’s subsidiaries will also be adjourned to the same date.

AK Steel Announces December Surcharges

18 November 2005 - AK Steel will add a $228 per ton surcharge to invoices for flat-rolled carbon steel products shipped in December 2005. The company will also add a $330 per ton surcharge to invoices for electrical steel products shipped in the same period.

California Steel Avoids Penalty with Disclosure to EPA

18 November 2005 - California Steel Industries, Inc. was one of thirteen companies recently recognized by the U.S. EPA's Pacific Southwest Office for voluntarily disclosing and quickly correcting their federal Emergency Planning and Community-Right-to-Know Act violations.

WCI Steel Noteholders and USW Reach Agreement

18 November 2005 - WCI Steel could emerge from chapter 11 bankruptcy proceedings based on the tentative agreement reached between representatives of the secured noteholders of WCI Steel and the United Steelworkers. The tentative agreement addresses a proposed collective bargaining agreement and modifications to the plan of reorganization.

Stelco Court Monitor Files 39th Report

17 November 2005 - Stelco Inc.’s Court-appointed Monitor has filed its thirty-ninth report regarding the company's Court-supervised restructuring.

Tentative Deal Reached in Ipsco Labor Negotiations

16 November 2005 - Ipsco Inc. and United Steelworkers Locals 5890 and 6673 have reached a tentative agreement for early renewal of their collective agreements.

Bayou Steel to Upsize Line of Credit

15 November 2005 - Bayou Steel Corp. is amending and restating its line of credit from $45 million to $75 million. The newly amended line will also provide lower borrowing rates, higher advance rates, and a nearly four year extension of the current arrangement.