Steel News

Allegheny Ludlum Wins Fuel Cell Material Development Contract

14 January 2005 - Allegheny Technologies Inc. announced that ATI Allegheny Ludlum has been awarded a subcontract from the University of Pittsburgh with support from the U.S. Department of Energy (DoE) to develop specialty metallic materials for use in fuel cells intended for the power generation industry.

Stelco Hopes to Extend Deadline for Binding Offers

14 January 2005 - Stelco Inc.’s court-appointed Monitor has filed its Sixteenth Report regarding the company's Court-supervised restructuring. The Report outlines the Court-appointed Monitor’s recommendation that the deadline for parties to file binding offers for Stelco's core business, non-core subsidiaries, or both be extended from January 31, 2005 to February 14, 2005.

MEPS International Steel Market Roundup

13 January 2005 - According to MEPS (International) Ltd., U.S. market activity for Flat Products is flat. The mills, faced with weak fourth quarter order books, started seasonal maintenance shutdowns in November that have continued through this month. With high customer inventories, mill transaction prices continue to slip. MEPS has received unconfirmed reports that surcharges are not being universally applied, especially to large volume purchasers. Steel market conditions are expected to improve in the first quarter, and AK Steel Corp. has already announced a $US50 per ton hike. Canadian market activity continues to be subdued, with inventory levels apparently more tailored to present-day demand than those in the US. However, MEPS has monitored further drops in transaction values over the last four weeks.

Wheeling-Pitt Commences Efficiency-Based Technology Initiatives

13 January 2005 - Wheeling-Pittsburgh Steel Corp. announced recent technology initiatives designed to drive business efficiency and enhanced customer service. The company currently uses solutions from i2 Technologies, Inc., and recently began implementing solutions from Steelman Software Solutions Inc. These technology upgrades to the company's computerized planning, order management, mill scheduling and production tracking tools are designed to help gain a competitive edge.

Cliffs Commences Tender Offer for Portman Limited

12 January 2005 - Cleveland-Cliffs Inc. announced commencement of a negotiated A$3.40 per share all-cash tender offer for all outstanding shares issued by Portman Limited. If the tender offer is fully subscribed, the net acquisition price would total approximately US$465 million (at an exchange rate of A$1 = US$0.77) and would be financed with existing cash and new borrowings of $100 million.

Timken Latrobe to Increase Aerospace Specialty Steel Prices

12 January 2005 - Timken Latrobe Steel announced it would increase prices by 5 to 15% on all remelted aerospace alloys and air melt stainless steel grades. The price change will be effective with all new orders received beginning January 17, 2005. Raw material surcharges will remain in effect.

Grupo Imsa Plans to Focus on Mexican Stock Exchange, Drop from NYSE

11 January 2005 - Grupo Imsa, SA de CV’s Board of Directors has approved submission of a proposal to shareholders for delisting its American Depositary Shares (representing American Depositary Receipts or ADRs) from the New York Stock Exchange (NYSE) and the simultaneous termination of its ADR program with The Bank of New York (the Depositary). The proposal will be submitted as part of a general extraordinary shareholders meeting,

Nucor to Expand Cold-Finished Bar Offerings with Fort Howard Facility

11 January 2005 - Nucor Corp. has entered into an agreement to purchase substantially all of the assets of Fort Howard Steel, Inc.'s Oak Creek, Wis., operations.

ISG Program Restores Partial Benefits to Bankruptcy-Stranded Union Retirees

10 January 2005 - Retirees who lost health care benefits in four steel company bankruptcies will have a measure of that coverage restored March 1, thanks to an innovative trust fund bargained by the United Steelworkers of America (USWA) and International Steel Group, Inc.

Bayou Steel Reports Fiscal 2004 Results

07 January 2005 - Bayou Steel Corp. reported net income of $29.8 million on sales of $240.8 million for the year ending September 30, 2004. Results included income reported by Bayou Steel’s predecessor prior to the company’s emergence from bankruptcy on February 18, 2004.

Seven Potential Bidders Move on to Phase Two of Stelco Sale Process

05 January 2005 - Six parties have demonstrated their interest in participating in Stelco Inc.’s Court-approved capital raising process for its core integrated steel business by submitting detailed proposals by the December 31, 2004 deadline.

Universal Stainless to Increase Base Prices

05 January 2005 - Universal Stainless & Alloy Products, Inc. announced base price increases of 5% on all air melted and 7% on all remelted steels, effective with shipments scheduled for January 17.

AK Steel Makes Voluntary Pension Trust Fund Contribution

05 January 2005 - AK Steel made a $150 million voluntary contribution to its pension trust fund on January 3, 2005. The voluntary contribution applies toward approximately $300 million of pension funding that otherwise would be required in 2006.

Cleveland-Cliffs Announces Convertibility of Preferred Stock

03 January 2005 - Holders of Cleveland-Cliffs Inc.’s 3.25% redeemable cumulative convertible perpetual preferred stock may surrender stock for conversion at any time during the fiscal quarter ending March 31, 2005, thanks to satisfaction of a condition to the conversion right. The condition was satisfied because the closing share price of Cleveland-Cliffs' common shares exceeded 110% of the then-applicable conversion price of the preferred stock for at least 20 of the last 30 trading days of the fiscal quarter ended December 31, 2004.

SMS Mevac to Supply Three RH Units for Anshan

01 January 2005 - Anshan Iron & Steel Co., Ltd., P.R. China, recently placed an order with SMS Mevac GmbH, Germany, to supply three more RH recirculation degassers.

Posco Employees Support Wide Range of Volunteer Activities

01 January 2005 - Under the slogan, "Sharing love and hope", Posco practices altruism through a variety of community service activities that comprise a part of Posco's Corporate Sustainability Management (CSM).

SMS Demag Innse to Supply Inline Skinpass Mill for TKAST

01 January 2005 - ThyssenKrupp Acciai Speciali Terni SpA (TKAST), Italy, has placed an order with SMS Demag Innse SpA, Italy, for an inline skinpass mill and associated equipment. The mill will be installed at the exit side of the existing cold strip anneal and pickle line.

Magnum Metal Process Inaugurates New Office

01 January 2005 - Value-engineered solutions provider Magnum Integrated Technologies Inc. recently opened a new office in Pune, India, as part of the company’s wholly owned subsidiary Magnum Metal Process Technologies Pvt. Ltd.

Mittal Steel Announces US$3.2 Billion Credit Facility

01 January 2005 - Newly formed Mittal Steel Co. NV announced that it has mandated ABN AMRO, Citigroup Global Markets Limited, Deutsche Bank AG London and HSBC Bank plc (as Mandated Lead Arrangers and Bookrunners) and CSFB and UBS Limited (as Mandated Lead Arrangers) to arrange a US$3.2 billion unsecured revolving credit facility. The credit facility has been fully underwritten by the Mandated Lead Arrangers. It is expected to launch to the market at the end of January.

SMS Demag to Provide Flying Crank Shear for Cockerill Sambre

01 January 2005 - Cockerill Sambre (Arcelor Group), Belgium, has purchased a modern flying crank shear and a scrap sorting facility from SMS Demag, Germany. The equipment will be installed at the company’s Kessales site in Liège, Belgium.