Steel News

Ryerson to be Acquired by Platinum Equity

25 July 2007 - Ryerson enters into a definitive merger agreement to be acquired by Platinum Equity in a transaction valued at approximately $2.0 billion.

AK Steel Reports Second Quarter Net Income

25 July 2007 - AK Steel reported net income of $109.9 million on record net sales of $1,869.5 million for the second quarter, and net income of $172.6 million on net sales of $3.6 billion for the first six months of 2007.

U.S. Steel Reports 2nd Quarter Income

25 July 2007 - United States Steel reports net income of $302 million on net sales of $4.2 billion for the second quarter, and net income of $575 million on net sales of $8.0 billion for the first six months of 2007.

AK Steel to Make 3rd Early Pension Fund Contribution in 2007

24 July 2007 - AK Steel’s board of directors authorizes the company to make another early contribution to its pension trust fund, which will be the third such payment in 2007.

Commercial Metals to Acquire Croatian Mill

24 July 2007 - Commercial Metals signs definitive purchase agreement with the Croatian government to acquire Valjaonica Cijevi Sisak for HRK 37 million for the shares, in addition to  (about U.S. $7 million), assume debt of over HRK 200 million (about U.S. $41 million), invest about U.S. $40 million in capital expenditures, and increase working capital by approximately U.S. $39 million f

Steel Dynamics Reports Second Quarter Results

24 July 2007 - Steel Dynamics reports earnings of $94 million on net sales of $911 million for the second quarter, and net income of $196 million on net sales of $1.8 billion for the first half of 2007.

NYMEX to Debut WSD-Based Steel Futures Contracts

24 July 2007 - The New York Mercantile Exchange signs licensing agreement with World Steel Dynamics, and will introduce a steel futures contract based on WSD’s SteelBenchmarker benchmark pricing system on the NYMEX ClearPort electronic clearing and trading platforms later this year.

Attala Steel Beam Mill Features Danieli Universal Roll Stands

23 July 2007 - Attala Steel Industries, Kosciusko, Miss., recently started up its new wide-flange beam rolling mill with two heavy-duty SHS-U universal housingless finish stands supplied by Danieli.

AK Steel Makes Addition to Board of Directors

23 July 2007 - AK Steel announced the election of Ralph S. (Mike) Michael III to its board of directors, effective immediately.

Department of Commerce to Investigate Welded Pipe from China

23 July 2007 - The U.S. Department of Commerce will continue its investigations of welded steel pipe from China, following the ITC’s determination that there is reasonable indication of material injury due to imports of this product from China that are allegedly sold in the U.S. at less than fair value.

SeverCorr Welcomes New Process Steel to the Neighborhood

20 July 2007 - New Process Steel is the latest business partner to join the SeverCorr site near Columbus, Miss.; its facility will provide downstream processing, including slitting and blanking, for light-gauge pickled, cold rolled and galvanized products

Nucor Reports Results for First Half of 2007

20 July 2007 - Nucor announces consolidated net earnings of $344.9 million on consolidated net sales of $4.17 billion for the second quarter, and consolidated net earnings of $725.9 million on consolidated net sales of $7.94 billion for the first half of 2007.

Ipsco Unveils New Senior Management Team

20 July 2007 - Ipsco announces the appointment of its new senior management team following completion of the company’s acquisition by SSAB Svenskt Stal AB.

SMS Demag to Supply Multi-Blanking Line for Heidtman Steel

19 July 2007 - Heidtman Steel Products awards SMS Demag Ltd. an order for a new multi-blanking line to be installed at the company’s steel processing center in Butler, Ind.

Northwest Pipe Announces Promotions

19 July 2007 - Northwest Pipe announced three management promotions, naming a new Vice President—Human Resources, Vice President—Quality Assurance, and Vice President—Purchasing.

SSAB Completes Acquisition of Ipsco

19 July 2007 - SSAB Svenskt Stal AB has successfully completed its acquisition of Ipsco for U.S. $160 per share.

CMC Issues $400,000,000 of Senior Unsecured Notes

18 July 2007 - Commercial Metals has sold $400 million principal amount of Senior Unsecured Notes due 2017.

Ontario Superior Court Approves Ipsco-SSAB Plan of Arrangement

18 July 2007 - The Ontario Superior Court of Justice issues the final order approving the Plan of Arrangement for SSAB’s acquisition of all outstanding Ipsco shares.

Steelworkers Back Agreement with Hamilton Specialty Purchaser

18 July 2007 - Members of the United Steelworkers' Local 4752 vote 93% in favor of an agreement reached last week with Woodside Capital and Pinnacle Steel; pending court approval, the agreement could lead to the reopening of Hamilton Specialty Bar.

CMC Chairman Adopts 10b5-1 Stock Trading Plan

17 July 2007 - Commercial Metals Board Chairman Stanley A. Rabin has executed a prearranged systematic personal stock trading plan pursuant to, and intended to comply with, Rule 10b5-1 under the Securities Exchange Act of 1934 and with CMC's policies with respect to insider sales.