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North America

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

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Year-End Steel Shipments Rise 5.8 Percent Over 2003

23 February 2005 - U.S. steel mills shipped 8,447,000 net tons in December 2004, according to the latest data reported by the American Iron and Steel Institute (AISI). This volume represents a 6.5% decrease from the 9,038,000 net tons shipped in December 2003, and a 6.5% decrease from the 9,032,000 net tons shipped in the previous month (November 2004).

CVRD Concludes 2005 Iron Ore Price Negotiations

23 February 2005 - Companhia Vale do Rio Doce (CVRD) has concluded iron ore price negotiations for 2005 with Nippon Steel Corp. (NSC), the largest Japanese steelmaker.

Ispat Inland Seeks Consents from Note Holders

22 February 2005 - Ispat Inland ULC is soliciting consents from holders of its outstanding Senior Secured Floating Rate Notes due 2010 and 9.75% Senior Secured Notes due 2014 for amendments to the indenture governing the Notes.

U. S. Steel Endorses Michigan Tax Package

22 February 2005 - United States Steel Corp. announced its support of Gov. Jennifer Granholm's major reform of the Single Business Tax (SBT), saying the package, as proposed by the governor, would create an incentive for manufacturers to invest in the state, help stem the state's loss of high-paying manufacturing jobs, and boost the security of the 2,400 jobs at the company's Great Lakes Works in Ecorse and River Rouge.

Ten States and EPA Launch Clean Energy-Environment Partnership Program

21 February 2005 - The U.S. Environmental Protection Agency (EPA) has launched a new Clean Energy-Environment State Partnership Program with 10 states: California, Connecticut, Georgia, Minnesota, New Jersey, New Mexico, New York, Ohio, Pennsylvania and Texas. Under the voluntary program, EPA assists states as they develop and implement action plans to improve air quality, decrease energy use, reduce greenhouse gas emissions, and enhance economic development.

Stelco Board Commences Review of Bids

21 February 2005 - Stelco Inc.’s Board of Directors has commenced its review of bids submitted under the Court-approved capital raising and asset sale process.

Nucor Restarts Upgraded Darlington Bar Mill

18 February 2005 - Nucor recently restarted hot run operation on its Darlington No. 2 Bar Mill following a major upgrade by Danieli. The upgrade project targeted increased plant uptime and efficiency.

Ipsco Establishes Frontier Pipe Research Unit

18 February 2005 - Ipsco Inc. announced it will invest $3.5 million to set up a state-of-the-art research unit dedicated to accelerating development of the company's large-diameter capability. The specialized research capability will be used to focus on the specific steel and pipe needs for large diameter energy transmission lines, further extending Ipsco's current knowledge in this area.

Nucor Starts up Kocks-Danieli RSB at Norfolk SBQ Mill

18 February 2005 - Nucor recently started up a new 5-pass Kocks/Danieli Reducing and Sizing Block at the company’s NN1 SBQ mill in Norfolk, Neb.

Reliance Reports Best-Ever Fiscal Year Financial Results

18 February 2005 - Reliance Steel & Aluminum Co. reported net income of $43.0 million on sales of $742.8 million for the fourth quarter and record net income of $169.7 million on record sales of $2.94 billion for the fiscal year ended December 31, 2004.

Cliffs Could Soon Declare Portman Takeover Offer Unconditional

18 February 2005 - Cleveland-Cliffs Inc. announced that its offer to acquire all of the shares in Portman Limited, made through its wholly owned subsidiary Cleveland-Cliffs Australia Pty Limited, will be declared free of all conditions if its relevant interest in Portman shares exceeds 51% (by number) by 5:00 p.m. (Sydney time) on Tuesday, March 1, 2005. The company also stated that it was extending the offer period under the offer to 7:00 p.m. (Perth time) on Friday, March 11, 2005 (unless further extended or withdrawn).

AK and USWA Reach Early Extension Agreement at Mansfield Works

18 February 2005 - AK Steel Corp. has reached agreement with the United Steelworkers of America (USWA) to extend for nearly two years a collective bargaining agreement covering USWA-represented employees at the company's Mansfield Works in Ohio.

AK Steel Announces March Surcharges

17 February 2005 - AK Steel will add a $214 per ton surcharge to invoices for flat-rolled carbon steel products shipped in March 2005, an increase of $18 from February's surcharge of $196 per ton. AK Steel also advises that the March 2005 surcharge for electrical steel products will drop to $340 per ton, a decrease of $70 from the February surcharge of $410 per ton for those products.

Wheeling-Pittsburgh Adopts Shareholder Rights Plan

17 February 2005 - Wheeling-Pittsburgh Corp.’s Board of Directors has adopted a shareholder rights plan that is primarily designed to protect the company's net operating loss carryforwards (NOLs) for tax purposes.

Cleveland-Cliffs Reports Record Results for 2004

17 February 2005 - Cleveland-Cliffs Inc. reported record fourth-quarter net income of $203.3 million and record net income of $323.6 million for the year 2004. All common shares and per-share amounts have been adjusted retroactively to reflect the December 2004 two-for-one stock split, and all diluted per-share amounts reflect the potential dilutive effect of the Company's convertible preferred stock.

Gerdau Ameristeel Announces New Vice President and General Counsel

16 February 2005 - Gerdau Ameristeel Corp. announced that Robert E. Lewis has joined Gerdau Ameristeel as Vice President and General Counsel. Mr. Lewis will also serve as Corporate Secretary for the company’s Board of Directors.

Stelco Concludes Bid Process for Core and Non-Core Assets

16 February 2005 - Several bids have been received for the recapitalization or purchase of Stelco Inc.’s core integrated steel business. Bids, as defined under Stelco’s Court-approved capital raising and asset sale process, had been due by the end of the day on Monday, Feb. 14.

Wheeling-Pittsburgh Updates Financial Expectations

15 February 2005 - Wheeling-Pittsburgh Corp. has provided an update on operational and financial expectations in light of recently quantified effects of the December 2004 ductwork collapse at the company’s basic oxygen furnace (BOF).

Northwest Pipe Announces Major Order

15 February 2005 - Northwest Pipe Co. has received a letter of intent to supply approximately $8 million of welded steel pipe to Barnard Construction of Bozeman, Mont. The pipe will be used in the West Leg Water Transmission Main project for the City of Scottsdale, Ariz.

Gibraltar Reports Record Sales and Net Income for 2004

15 February 2005 - Gibraltar Industries, Inc. reported net income of $9.8 million on net sales of $266.4 million for the quarter and net income of $50.8 million on net sales of $1 billion for the 12 months ended December 31, 2004 — record quarterly and full-year sales and earnings for the company.

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