Producers
The latest news on the companies producing steel or raw materials used in the iron- and steelmaking process.
Latest News
Commercial Metals Reports All Time Record Earnings
23 June 2004 - Commercial Metals Co. reported net earnings of $50.9 million on net sales of $1.4 billion for the quarter ended May 31, 2004, earning more this quarter than any complete year in the company's history.
California Steel Extends Expiry for Exchange Offer
22 June 2004 - California Steel Industries, Inc. has extended the expiration date for the exchange offer to exchange its 6 1/8% Senior Notes due 2014 issued on March 22, 2004 ($150,000,000 aggregate principal amount outstanding) for 6 1/8% Senior Notes due 2014. Although the original notes had not been registered under the Securities Act of 1933, the exchange notes are registered under the Securities Act of 1933.
Cleveland-Cliffs Reports Progress in USWA Labor Talks
22 June 2004 - Cleveland-Cliffs Inc. reported that negotiators for the company and the United Steelworkers of America have made progress toward a new, competitive labor agreement but additional bargaining would be required to resolve a number of complex issues.
ISG Completes Purchase of Georgetown Steel Assets
22 June 2004 - International Steel Group Inc. has completed the acquisition of the assets of the Georgetown Steel Co. facility in Georgetown, S.C., for a purchase price of $18 million in cash, plus assumed liabilities.
GE Commercial Finance Provides Kentucky Electric with New Credit Facility
21 June 2004 - GE Commercial Finance, through its Business Credit unit, announced that it has financed Kentucky Electric Steel, LLC with a three-year, $15 million credit facility
VAI Pomini to Supply Billet Caster for Hanggang-Changxing
18 June 2004 - VAI Pomini GmbH recently received an order from Hangzhou Hanggang Foreign Economic Relations & Trade Co. Ltd., P.R. China, for a new 6-Strand Billet Caster to be installed at Zhejiang Hanggang Changxing EAF Co. Ltd.
AK Steel Secures Financing for Middletown Emission Control Project
18 June 2004 - AK Steel has completed a $62 million industrial revenue bond offering issued through the Ohio Air Quality Development Authority (OAQDA).
Whirlpool and Ispat Inland Reach Agreement
18 June 2004 - Whirlpool Corp. and Ispat Inland Inc. have reached a confidential agreement staying the litigation involving the two companies for 45 days while securing Whirlpool's steel supply and allowing the temporary restraining order against Ispat to be dissolved.
ISG to Establish Trust Fund Covering Bethlehem Environmental Liabilities
18 June 2004 - International Steel Group Inc. has reached an agreement with the Commonwealth of Pennsylvania and its Department of Environmental Protection (DEP) to create a $19.9 million trust fund, which will be funded over the next several years to finance continual treatment of polluted mine pool discharges in Cambria, Somerset and Butler counties in Pennsylvania.
Castrip Achieves 100,000 Ton Milestone at Crawfordsville
18 June 2004 - The first commercial installation utilizing the Castrip(r) Process at Nucor’s Crawfordsville, Ind., plant has surpassed the 100,000 ton cumulative production milestone.
VAI to Provide Environmental Technologies for Jinan Convertors
17 June 2004 - Jinan Iron & Steel Co., Ltd. recently awarded VAI an order for the design and supply of two primary waste gas cleaning systems for the new LD converters at Steelmaking Plant No. 3 in Jinan, P.R. China.
SMS Demag and Dillinger Huttenwerke to Cooperate in Automation Technology
17 June 2004 - The AG der Dillinger Hüttenwerke and SMS Demag AG have signed an agreement on long-term cooperation in the field of automation technology for heavy plate rolling.
VAI Pomini to Upgrade Wuhan Bloom Caster with Dynamic Soft Reduction
17 June 2004 - Wuhan Iron & Steel Co. (WISCO), Wugang Group, P.R. China, recently awarded VAI Pomini GmbH an order from for further quality improvements to a 5-strand bloom caster in Steel Meltshop No. 1.
Ipsco Adjusts 2nd Quarter Earnings Outlook
16 June 2004 - Ipsco Inc. announced its second quarter earnings will exceed the $0.75 per share consensus analyst estimate by more than 45%, and expects earnings will meet or exceed $1.10 per diluted share.
Nucor Adjusts 2nd Quarter Earnings Outlook
16 June 2004 - Bouyed by increased margins, strengthening demand and turnarounds at its newest facilities, Nucor Corp. has announced increased earnings expectations for its second quarter ending July 3, 2004.
Timken and Union Begin Discussions over Announced Plant Closures
16 June 2004 - The Timken Co. and United Steelworkers union met earlier this week to begin the effects bargaining process involving the Canton bearing plants. The parties also agreed to explore the possibility of opening formal negotiations for the current labor contract over the next few weeks.
Bricmont to Supply Reheat Furnace for Nucor Kankakee
16 June 2004 - Nucor Steel recently awarded a multimillion dollar contract to Bricmont, Inc. for a new pusher reheat furnace.
Dietrich Metal Framing Explores Joint Venture with Encore Coils
15 June 2004 - Dietrich Metal Framing announced that it is in discussions with Encore Coils about the possibility of forming a Canadian metal framing joint venture.
AK Steel and UAW Reach Agreement at Rockport Works
15 June 2004 - AK Steel Corp. announced that members of the United Autoworkers of America (UAW) have voted to accept a progressive three-year labor agreement covering about 160 hourly employees at the company's Rockport, Ind., Works.
WL Ross Group Wins Preferred Bidder Status for Horizon Natural Resources
14 June 2004 - The WL Ross led group of holders of a majority of Horizon Natural Resources' second lien notes has been designated the preferred bidder for the company’s assets following their recent bid increase to $277,350,000 from $240,000,000.
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