Steel News

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.

Management Shuffle Continues at U. S. Steel

17 July 2007 - United States Steel announced that David J. Rintoul has been named General Manager of Granite City Works, succeeding Michael A. Fedorenko, who has been appointed General Manager of Engineering.

Ipsco Shareholders Approve Arrangement with SSAB

17 July 2007 - Ipsco shareholders vote to approve the Plan of Arrangement for Svenskt Stal AB’s acquisition of outstanding Ipsco shares.

Steel Dynamics Ships First Order of Welded Rail

17 July 2007 - Steel Dynamics makes its first shipments of welded rails from the recently completed rail welding operation at Columbia City, Ind.

Mesabi Trust Declares Distribution

16 July 2007 - Trustees of Mesabi Trust declare a distribution of thirty-one cents per Unit of Beneficial Interest, which compares to a distribution of forty cents ($0.40) per Unit for the same period last year.

Canadian Authorities Approve Ipsco Plan of Arrangement

16 July 2007 - The Canadian Minister of Industry under the Investment Canada Act has granted approval of the Plan of Arrangement for SSAB’s acquisition of Ipsco’s outstanding shares for U.S.$160.00 per share; the deal has also been cleared by the Canadian Competition Bureau.

Tenova Goodfellow to Supply EFSOP Technology for Ternium Hylsa, Tenaris Dalmine

13 July 2007 - Tenova Goodfellow will supply EFSOP® systems to Ternium Hylsa for the EAF at the Monterrey Flat Products facility, and to Tenaris Dalmine, for their Bergamo facility.

Wheeling Corrugating President Resigns

13 July 2007 - Steven Sorvold, President of Wheeling Corrugating (an operating division of Wheeling Pittsburgh) has resigned from the company, effective July 31, 2007. 

ArcelorMittal Broadens Strategic Alliance with Nippon Steel

13 July 2007 - ArcelorMittal signs Memorandum of Understanding with Nippon Steel expanding the companies’ global strategic alliance and current joint business ventures in North America.

Stainless Steel Production Flat in First Quarter

12 July 2007 - Global stainless crude steel production reached 7.6 million tonnes in the first quarter of 2007 according to the International Stainless Steel Forum, an 0.7% increase compared to the final quarter of 2006.

U. S. Steel Appoints Senior Counsel for Tubular Unit

12 July 2007 - United States Steel announces the appointment of George J. Stewart as Senior Counsel—Tubular.

OSHA Cites Republic for Safety and Health Violations

12 July 2007 - The Occupational Safety and Health Administration proposes $163,000 in fines against Republic Engineered Products for alleged multiple willful, serious and repeat violations of federal workplace safety and health standards.

Chaparral Steel Reports Record Year-End Earnings

12 July 2007 - Chaparral Steel reports record net income of $80.2 million on net sales of $489 million for the fourth quarter, and record net income of $269.3 million on net sales of $1723 million for the 2007 fiscal year.

Future a Little Brighter for Potential Hamilton Specialty Buyer

11 July 2007 - Reaching a tentative agreement with the possible buyer for Hamilton Specialty Bar, steelworkers say the plant could reopen as early as August.

Domestic Industry Applauds ITC Decision on Rebar Imports

11 July 2007 - AISI, SMA, and counsel to the Rebar Trade Action Coalition express their appreciation to the U.S. International Trade Commission for its decision to maintain antidumping duties on steel reinforcing bar imports from China, Belarus, Indonesia, Latvia, Moldova, Poland and Ukraine.

ITC to Uphold Most Antidumping Duties on Rebar

11 July 2007 - The U.S. International Trade Commission will uphold existing antidumping duty orders on steel concrete reinforcing bar from Belarus, China, Indonesia, Latvia, Moldova, Poland, and Ukraine, but will revoke a similar order for the same product imported from Korea.

Gerdau Ameristeel to Acquire Chaparral Steel

11 July 2007 - Gerdau Ameristeel signs definitive merger agreement to acquire Chaparral Steel for US$86.00 per share in cash, valuing Chaparral Steel's equity at US$4.22 billion.