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North America

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

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Allegheny Technologies Announces Strong 1st Quarter Results

25 April 2005 - Allegheny Technologies Inc. reported net income of $66.3 million on sales of $879.6 million for the first quarter of 2005.

Carpenter Technology Implements Titanium Surcharge

22 April 2005 - Carpenter Technology Corp.’s Specialty Alloys Operations unit will begin to include titanium in its raw material surcharge formula for titanium-bearing specialty alloys.

EMJ Closes Merger

22 April 2005 - Earle M. Jorgensen Co. has closed its merger and financial restructuring pursuant to which EMJ's parent, Earle M. Jorgensen Holding Co. Inc., was merged with and into a wholly owned subsidiary of EMJ. As a result of the merger and financial restructuring, all outstanding Earle M. Jorgensen Holding notes were exchanged for 12,997,890 shares of EMJ common stock and approximately $127,100,000 in cash. Stockholders of Earle M. Jorgensen Holding are entitled to receive:

Reliance Reports Strong 1st Quarter Results on Record Sales

22 April 2005 - Reliance Steel & Aluminum Co. reported net income of $46.4 million on record sales of $811.9 million for the first quarter ended March 31, 2005.

Stelco and USWA Reach Agreement on Near Term Plans

22 April 2005 - Stelco Inc. has reached agreement with the USWA on the next steps in the company's capital raising process and restructuring. The agreement was submitted to and approved by the Superior Court of Justice (Ontario) on Thursday, April 21, 2005.

Nucor Reports Solid First Quarter Earnings

22 April 2005 - Nucor Corp. announced consolidated net earnings of $354.7 million on consolidated net sales of $3.32 billion for the first quarter of 2005.

Quanex Expects Record Diluted EPS from Continuing Operations in Q2

21 April 2005 - Quanex Corp. announced that it expects to report record fiscal second quarter diluted earnings per share from continuing operations when results are announced on May 26, 2005. Diluted earnings per share from continuing operations are expected to be in the range of $1.80 to $1.85, compared to the $0.43 reported in the year-ago quarter.

North American Galvanizing & Coatings Appoints Vice President-Treasurer

21 April 2005 - North American Galvanizing & Coatings, Inc. announced that Beth B. Hood had joined the company as Vice President–Treasurer.

Timken Announces New Vice Chairman

20 April 2005 - The Timken Co.’s Board of Directors has elected Ward J. ("Tim") Timken Jr. to the position of Vice Chairman — Board of Directors.

Steel Recycling Hits 25-Year High in the United States

20 April 2005 - The recycling rate for the world's (and America's) most recycled material — steel — remained at 70.7% in 2004, according to the Steel Recycling Institute (SRI). However, total tons of steel recycled increased by over 7.2 million tons. This dramatic increase, driven by an expanding market for steel, continues to position steel as the leader when it comes to recycling.

Steel Technologies Reports Record Quarterly Sales and Net Income

20 April 2005 - Steel Technologies Inc. reported net income of $15.4 million on record sales of $287.0 million for the second fiscal quarter of 2005 ended March 31, 2005.

Timken Doubles EPS on Record First Quarter Sales and Net Income

20 April 2005 - The Timken Co. reported record net income of $58.2 million on record sales of $1.3 billion for the first quarter of 2005.

Macsteel Service Centers Acquires Alpha Steel

20 April 2005 - Macsteel Service Centers USA Inc. has acquired the business and assets of PHA Steel, LLC, operating under the brand name Alpha Steel, a privately owned steel service center located in Hammond, Ind. Terms of the purchase were not disclosed.

Steelworkers Urge Hamilton City Council to Adopt Motion on Stelco

20 April 2005 - The United Steelworkers is pleased with a motion passed Tuesday by the Hamilton City Council’s Planning and Economic Development Committee urging Stelco Inc. to consent to the Steelworkers' appointment of Tricap Management Limited as a financial advisor for the purpose of recapitalizing Stelco.

Industry Representatives Speak Out in China Currency Case

19 April 2005 - On behalf of the American Iron and Steel Institute (AISI) and the Steel Manufacturers Association (SMA), John Nolan, Vice President of Marketing and Sales for Steel Dynamics, Inc. (SDI), submitted written testimony last week to the House Ways and Means Committee related to the hearing on “United States-China Economic Relations and China’s Role in the World Economy.”

ATI Allvac Announces Price Increases

18 April 2005 - Allegheny Technologies Inc. announced that ATI Allvac is increasing prices on all nickel- and cobalt-based superalloys, vacuum-melted specialty steels and titanium alloy products by 5 to 9%.

EMJ Merger Approved by Stockholders

18 April 2005 - Earle M. Jorgensen Co. (EMJ) announced that stockholders of its parent, Earle M. Jorgensen Holding Co., Inc., approved a merger and financial restructuring pursuant to which Earle M. Jorgensen Holding will be merged with and into a wholly-owned subsidiary of EMJ. As a result of the merger and financial restructuring, all outstanding Earle M. Jorgensen Holding notes will be exchanged for 12,997,891 shares of EMJ common stock and $127,100,000. Stockholders of Earle M. Jorgensen Holding will receive:

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