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North America

All the latest headlines from NAFTA trading partners: the U.S., Canada and Mexico.

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Steel Dynamics Replaces Credit Facility

08 September 2005 - Steel Dynamics, Inc. has replaced its existing $230 million senior secured revolving credit facility with a new 5-year $350 million senior secured revolving credit facility.

Oregon Steel Mills Announces New Chairman

08 September 2005 - Oregon Steel Mills’ Board of Directors has appointed Carl W. Neun as Chairman.

Schnitzer Steel to Expand Metals Recycling Business in Eastern U.S.

08 September 2005 - Schnitzer Steel Industries’ wholly owned subsidiary, RRC Acquisition LLC, has signed a definitive agreement to buy substantially all of the assets of Regional Recycling LLC for $65.5 million in cash and the assumption of certain liabilities.

Steel Producers Express Support for Those Impacted by Hurricane Katrina

08 September 2005 - The American Iron and Steel Institute (AISI) and its member companies express their support and concern for employees and their families as well as their suppliers and customer base throughout the Gulf Coast region that have been impacted by Hurricane Katrina.

Bayou Steel Resumes Plant Operations after Hurricane Katrina

08 September 2005 - Bayou Steel Corp. today announced the resumption of plant operations following the aftermath of Hurricane Katrina.

Court Extends Stelco Stay Period to September 23

08 September 2005 - Stelco Inc. sought and obtained an extension to the stay period for its Court-supervised restructuring during a hearing held on Wednesday, Sep. 7. During the same hearing, the Court also granted Stelco’s request to appoint a Special Officer to oversee a review of complaints made by two former directors.

Ispat Inland Announces Redemption of Series R Bonds

07 September 2005 - Ispat Inland Inc. announced that it has called for redemption the $27,851,000 principal amount of its outstanding First Mortgage 7.9% Bonds, Series R, due January 15, 2007.

Ipsco Works to Maintain Shipments Despite Transportation Uncertainties

07 September 2005 - Ipsco reported that its Mobile, Ala., Steelworks sustained minimal damage from Hurricane Katrina, and was able to return to normal production levels within two days.

Alcan Employees Ratify New Contract at Ravenswood Plant

06 September 2005 - Employees represented by United Steelworkers (USW) Local 5668 at Alcan Inc.’s Ravenswood, W.Va., aluminum rolling mill, have ratified a new five-year agreement.

Steelworkers Support Relief for Katrina Victims

06 September 2005 - The United Steelworkers (USW) announced that the union has made an initial contribution of $100,000 for relief to the hard-hit victims of Hurricane Katrina.

Keystone Emerges from Chapter 11 Bankruptcy Proceedings

06 September 2005 - Keystone Consolidated Industries, Inc. announced that it emerged from Chapter 11 bankruptcy proceedings on August 31, 2005.

Hydrogen Gas Supply Issues to Impact SDI Process Lines

06 September 2005 - Steel Dynamics, Inc. has notified its customers for cold rolled, galvanized and painted sheet products that, until it can make alternative hydrogen gas supply arrangements, it is suspending order entry for these hydrogen gas-dependent, value-added products.

Ipsco and its Employees Support Hurricane Relief

05 September 2005 - Ipsco is donating $500,000 to the Alabama Gulf Coast Chapter of the American Red Cross to be used in Hurricane Katrina relief work.

Bank of America Provides Asset Based Loan to Primary Steel

02 September 2005 - Bank of America Business Capital announced that it has provided a $100 million revolver and $17.5 million in term loans for the recapitalization and expansion of Primary Steel, LLC. Ironwood Manufacturing Fund, LP, Ironwood Capital and company management provided equity investments.

Stelco Continues to Pursue Plan of Arrangement

02 September 2005 - Stelco Inc. is continuing active discussions with stakeholders concerning its intention to introduce a plan of arrangement under the Companies' Creditors Arrangement Act that would enable Stelco to exit Court protection. The company notes that it is continuing to develop a detailed plan designed to help the company emerge as a viable and competitive steel producer in the North American market environment.

New EMJ Spokane Facility Reaches Full Operating Status

01 September 2005 - Earle M. Jorgensen Co. announced that its recently opened Spokane, Wash., facility has reached full operating status.

Stelco Court Monitor Files 35th Report

01 September 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-fifth report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the previously-announced agreement for the sale of substantially all of the assets of Stelpipe Ltd. to Romspen Investment Corp.

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