Steel News

Republic Responds to Court Order for Resumption of Shipments to American Axle

25 June 2009 - Responding to a circuit court order to resume steel shipments, Republic says it appreciates the Court’s recognition that Republic is entitled to demand adequate assurance of performance from American Axle.

Commercial Metals Company Reports Third Quarter Loss

24 June 2009 - Commercial Metals Co. reported a net loss of $13.1 million on net sales of $1.3 billion for the quarter and net earnings of $13.6 million on net sales of $5.3 billion for the nine months ended May 31, 2009.

Steel Imports Slip 17% in May

24 June 2009 - The U.S. imported a total of 1,020,000 net tons of steel in May 2009, an 11% decrease vs. April final data, according to the latest report from AISI.

USW, Industry Groups Support New WTO Case Filed by U.S., EU Against China

24 June 2009 - The United Steelworkers gives strong support for a new World Trade Organization dispute filed by the U.S. and European Union that challenges China's export restrictions on key raw materials and minerals used in manufacturing.

SMS Meer Commissions Three-Roll Precision Block for Timken Bar Mill

23 June 2009 - Timken and SMS Meer jointly commission Timken’s Harrison Steel Plant bar mill, which was recently expanded with a new three-roll precision sizing mill and bar finishing end.

Gerdau Ameristeel Amends Term Loan Covenants

23 June 2009 - Gerdau Ameristeel reaches agreement with lenders for temporary relaxation of the covenants its Term Loan Facility, which currently has US$ 2.6 billion of borrowings outstanding.

Steel Dynamics Expects to Report Small 2nd Quarter Loss

22 June 2009 - Steel Dynamics updates its outlook for the second quarter of 2009, saying that it now expects to report a loss of $0.10 to $0.15 per diluted share, after taking into account the recent issuance of common stock and convertible securities.

World Steel Production Rebounds in May 2009

22 June 2009 - World crude steel production for the 66 countries reporting to the World Steel Association stood at an estimated 95.6 million tonnes in May 2009 — 7.4% above the previous month but still 21% lower than May 2008.

Olympic Steel Announces Scholarship Recipients

19 June 2009 - Olympic Steel announces the recipients of the Sol Siegal Scholarship Program, which awards up to ten new $1500 renewable scholarships per year to children and dependents of company employees.

AK Steel to Increase Prices for all Carbon and Stainless Steel Products

19 June 2009 - AK Steel announces plans to increase spot market prices for all carbon and stainless flat rolled steel products.

Steel Dynamics Underwriters Exercise Over-Allotment Options

19 June 2009 - Underwriters of Steel Dynamics’ announced offerings  of notes and stocks have exercised their full overallotment options.

Commerce to Investigate PC Steel Wire Strand from P.R. China

18 June 2009 - The U.S. Department of Commerce will initiate antidumping and countervailing duty investigations on imports of prestressed concrete steel wire strand from P.R. China.

April Steel Shipments 57% Lower than April 2008

18 June 2009 - U.S. steel mills shipped 4,042,000 net tons of steel in April, a 57% decrease from April 2008, according to the latest report from AISI.

Essar Steel Algoma Starts up first Canadian Steel Co-Gen Facility

17 June 2009 - Essar Steel Algoma successfully starts up a new, 70-MW cogeneration facility that will be fueled with by-product gas from the operation, becoming the first integrated steel manufacturer in Canada to construct such a facility.

Nucor Adjust Second-Quarter Guidance

17 June 2009 - Nucor updates its second-quarter guidance, saying that it now expects to report a smaller-than-expected loss in the range of $0.55 to $0.65 per diluted share, based on increased orders.

Metal Center Inventories Continue to Decline in May

17 June 2009 - Metals service center inventories of steel and aluminum products continued to decline through May across both the U.S. and Canada, while shipments remained weak, according to the most recent Metals Activity Report from MSCI.

New Auto-Steel Partnership Toolkit helps Automakers Boost Fuel Economy with AHSS

16 June 2009 - The Auto/Steel Partnership releases its latest update to the Advanced High-Strength Steel Applications Design and Stamping Process Guidelines, a comprehensive manual designed to help with the specification and application of specific grades of AHSS parts.