Steel News

Cleveland-Cliffs to Acquire Metallurgical Coal Producer PinnOak Resources

15 June 2007 - Cleveland-Cliffs Inc. has agreed to acquire PinnOak Resources, a domestic producer of high-quality, low-volatile metallurgical coal, for $450 million in cash plus approximately $150 million in debt.

U. S. Steel Completes Purchase of Lone Star Technologies

15 June 2007 - United States Steel completes its acquisition of Lone Star Technologies for an aggregate purchase price of approximately $2.1 billion.

Beta Steel Grants Final Acceptance for Revamped Hot Strip Mill

14 June 2007 - Beta Steel grants final acceptance to Danieli for its revamped hot strip mill. The project included the installation of an automated discharge machine, new crop shear, water-wall strip laminar cooling, new runout table, and a new automatic downcoiler capable of handling 30-ton coils.

Steel Dynamics to Acquire The Techs

14 June 2007 - Steel Dynamics enters into a definitive agreement to acquire Pennsylvania-based The Techs, paying $360 million for the company on a cash-free debt-free basis, subject to certain adjustments.

Alstom’s Combined Cycle Power Plant to be Fed by ThyssenKrupp Blast Furnace Gases

13 June 2007 - Alstom has received a turnkey contract from Brazilian steel producer ThyssenKrupp CSA Companhia Siderúrgica to build a 490-MW turnkey combined cycle power plant that will be fuelled by blast furnace waste gas from ThyssenKrupp’s new steel mill.

Siemens to Supply Temper Mill for Nucor Steel Tuscaloosa

13 June 2007 - Nucor Steel awards Siemens a contract to add a new wide Temper Mill to the existing Cut-to-Length Line at the company’s Tuscaloosa, Ala., facility.

SSAB Gets Green Light for Ipsco Acquisition

13 June 2007 - Ipsco and SSAB Svenskt Stal announce the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for their proposed plan for SSAB to acquire Ipsco for a cash consideration of U.S. $160 per share.

Algoma Steel announces result of Shareholder Vote on its acquisition by Essar

13 June 2007 - Algoma Steel shareholders vote to approve the acquisition of all of Algoma's outstanding common shares by a subsidiary of Essar Steel Holdings Limited; the arrangement was approved by 82.6% of the votes cast at the meeting.

Nucor Announces 2nd Quarter Earnings Guidance

12 June 2007 - Nucor says it expects earnings for the second quarter to be in the range of $1.05 to $1.15 per diluted share, “historically strong earnings,” but below this year's first-quarter results and the record second quarter earnings achieved last year.

Northwest Pipe Announces New Orders

12 June 2007 - Northwest Pipe Co. has been named as pipe supplier by Garney Construction for a water transmission pipeline for Johnson County Water District, and by Mountain Cascade for the Freeport Regional Authority Project near Sacramento.

Steel Import Permit Applications Top Previous Records in May

12 June 2007 - Steel import permit applications totaled 3,014,000 net tons for May 2007—the highest monthly amount so far in 2007—according to a recent report from the American Iron and Steel Institute.

U.S. Steel to Accelerate Repairs at Clairton Coke Works

11 June 2007 - U.S. Steel will invest $76 million in Battery B at its Clairton Coke Works and pay a civil penalty of $395,900 as part of a consent agreement with the Allegheny County (Pa.) Health Department.

Timken Expands Long-Length Steel Tubing Size Capability

08 June 2007 - Timken has gained new sales after expanding its capabilities to produce long-length steel tubing to meet Houston-based Dril-Quip’s request for hot-rolled, quenched, and tempered seamless tubing in lengths up to 37 feet.

Carpenter Breaks Ground for New Facility in Reading

08 June 2007 - Carpenter Technology breaks ground for a $115-million facility in Reading, Pa., that will add new vacuum induction melting furnaces, and new vacuum arc and electro-slag remelting furnaces for a 40% expansion of its premium melt capacity.

Domestic Producers File Steel Pipe Case Against China

08 June 2007 - Six U.S. pipe producers and the United Steelworkers filed petitions with the U.S. Department of Commerce and the U.S. International Trade Commission alleging that imports of welded standard pipe from China into the United States are being dumped and subsidized by the government of China.

Gerdau Ameristeel Announces New COO

07 June 2007 - Gerdau Ameristeel announced the appointment of a new Vice President, Chief Operating Officer responsible for all the company's steel manufacturing and commercial operations, as well as procurement and logistics.

AK Steel Announces Increases for Automotive Exhaust Alloys

07 June 2007 - AK Steel says it will increase transaction base prices by 10 to 16% for stainless steel alloys used primarily in automotive exhaust applications.

Cleveland-Cliffs, Stelco Agree to Sell Wabush Interest

07 June 2007 - Cleveland-Cliffs and Stelco have entered an agreement to sell their 26.8% interest and 44.6% interest, respectively, in the Wabush Mines joint venture to Consolidated Thompson Iron Mines for $64.3 million cash, 3.0 million warrants of common shares, and Consolidated’s assumption of ongoing employee and asset retirement obligations.

SeverCorr Cold Mill Now Operational

07 June 2007 - SeverCorr has successfully started up its new five-stand tandem cold mill — one of only four cold mills in the United States coupled to a pickle line, and the only one capable of producing coils up to 72-inch wide.

AK Steel Announces July Electrical Surcharges

06 June 2007 - AK Steel says it will add a $220-per-ton surcharge to invoices for electrical steel products shipped in July 2007.