Steel News

Commercial Metals Reports Best Third Quarter Ever

22 June 2005 - Commercial Metals Co. reported net earnings of $71.7 million on net sales of $1.7 billion for the quarter ended May 31, 2005, ranking it as the strongest third quarter ever for the company.

Stelco Court Monitor Files 32nd Report

22 June 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-second Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the issuance of Stelco's guidance update on June 1, 2005; cash flow results for the entities that filed under CCAA, including variances from the forecast included in the Monitor's 26th Report; and the mediation process.

Nucor Adjusts 2nd Quarter Earnings Outlook

21 June 2005 - Weakened demand for sheet steel, significant decreases in scrap prices, and accounting for inventory acquired with the purchase of Marion Steel have led Nucor to revise its outlook for the second quarter ending July 2, 2005.

Mittal Steel Declares Interim Dividend Payment

21 June 2005 - Mittal Steel Company’s Board of Directors has declared an interim dividend of US$0.10 per share, as per the dividend policy recently announced.

Ipsco Revises Second Quarter Outlook

20 June 2005 - Ipsco Inc. has revised its outlook for the second quarter. Although the company had originally estimated that second quarter earnings per share would meet or exceed $2.75 per diluted share, Ipsco now expects that earnings will be closer to $2.45 per diluted share.

AK Steel Announces July Surcharges

17 June 2005 - AK Steel will add a $208 per ton surcharge to invoices for flat-rolled carbon steel products shipped in July 2005. A $200 per ton surcharge will be added to invoices for electrical steel products shipped in July 2005.

Wheeling-Pittsburgh Announces 10b5-1 Trading Plans

16 June 2005 - Wheeling-Pittsburgh Corp.’s Chief Executive Officer and President have entered into 10b5-1 plans in order to sell a portion of their Restricted Stock, as have each of the company’s Vice Presidents.

Mittal Steel Conveys Lake Vessels

16 June 2005 - Mittal Steel Co. has disposed of its bareboat charter interests in two lake vessels that provide raw materials to its steel works in Burns Harbor, Ind. The vessels were chartered by International Steel Group, which Mittal Steel Co. acquired on April 15.

Oregon Steel Mills Revises 2nd Quarter Outlook

16 June 2005 - Oregon Steel Mills, Inc. has revised its outlook for the second quarter.

ATI Allegheny Ludlum to Increase Specialty Steel Alloy Prices

15 June 2005 - ATI Allegheny Ludlum is increasing prices by 4 to 10% for nickel-based alloys, stainless steel super-ferritic alloys, stainless steel super-austenitic alloys, stainless steel high strength alloys, and for AL 332 and AL 334 alloys. The price increase applies to sheet, strip, Precision Rolled Strip®, and plate product forms. It is effective with new orders entered on or after June 13, 2005.

U. S. Steel Welcomes Formation of Senate Manufacturing Caucus

15 June 2005 - United States Steel Corp. welcomed the formation of a new caucus in the U.S. Senate focused specifically on manufacturing issues.

Worthington Announces Share Repurchase Authorization

14 June 2005 - Worthington Industries, Inc.’s board of directors has authorized the repurchase of up to ten million, or approximately 11%, of its outstanding common shares.

Dofasco Issues Medium Term Notes

14 June 2005 - Dofasco Inc. announced that it intends to issue 12-Year Amortizing notes (10.5 Year Average Life) under its Medium Term Note program pursuant to a Short Form Shelf Prospectus dated November 24, 2004.

First Quarter Stainless Steel Bar and Rod Imports Raise Red Flags

14 June 2005 - The dramatic increase in imports and import penetration of stainless steel bar and rod in the first quarter of 2005 raises red flags for U.S. producers, according to the Specialty Steel Industry of North America (SSINA).

First Quarter Stainless Steel Imports Climb 37% Higher than 2004

14 June 2005 - Total stainless steel imports reached 182,350 tons through the first quarter of 2005 — 37% higher than the first quarter of 2004 — according to the latest statistical data released by the Specialty Steel Industry of North America (SSINA). Total specialty steel imports (including stainless, electrical, and tool steels) were 39% higher than the first quarter of 2004.

Mittal Steel Extends Weirton Blast Furnace Outage

10 June 2005 - Mittal Steel has announced a lengthier outage, with accompanying layoffs, for its plant in Weirton, W.Va.

AIST Announces 2005-2006 Officers

09 June 2005 - June 9, 2005 — The Association for Iron & Steel Technology (AIST) announced that Richard E. O’Hara, Director of Procurement and Logistics for Carpenter Specialty Alloys, Reading, Pa, has been elected as the association’s President for 2005-2006. He replaces outgoing President Thomas C. Graham Jr., Vice President, T.C. Graham & Associates, Mason, Ohio.