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North America

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

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Court Approves Deutsche Bank Proposal as Stalking Horse Bid

30 November 2004 - The Superior Court of Justice (Ontario) has approved the Deutsche Bank commitment as the stalking horse in Stelco Inc.’s capital raising process. The Court also approved amendments to the process itself that were proposed by the company.

Dofasco Files Short Form Prospectus

29 November 2004 - Dofasco Inc. has filed a final short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada.

Republic Announces Plans for New Caster at Canton Plant

29 November 2004 - Republic Engineered Products Inc. announced plans for an approximately $50 million investment that includes a second continuous caster at its Canton plant.

Stelco Court Monitor Files Second Supplemental 11th Report

29 November 2004 - Stelco Inc.’s court-appointed Monitor has filed a Second Supplemental Eleventh Report regarding the company's Court-supervised restructuring. The Report provides an update on the amended Deutsche Bank commitment letter announced by Stelco, including the Monitor's views regarding the commitment.

Wheeling-Pittsburgh Makes First Heat from Continuous EAF

29 November 2004 - Wheeling-Pittsburgh Steel Corp. completed the first heat in its continuous electric arc furnace (EAF) at approximately 11:50 a.m., Sunday, Nov. 28, less than 16 months after the project was authorized. The EAF is located at the company's Mingo Junction, Ohio, Plant.

Ryerson Tull Announces Proposed Private Offering

28 November 2004 - Ryerson Tull, Inc. announced that it intends to privately offer, subject to market conditions and other factors, $150 million aggregate principal amount of senior notes due 2011.

Registration Statement Filed for Republic IPO

28 November 2004 - PAV Republic, Inc., the parent company of Republic Engineered Products, Inc., has filed a registration statement with the SEC regarding a proposed initial public offering of common stock.

ArvinMeritor Sells Coil Coating Business to Willis Stein & Partners

28 November 2004 - ArvinMeritor, Inc. has sold Roll Coater, Inc., a wholly owned subsidiary, to an affiliate of Willis Stein & Partners. The cash purchase price of the stock transaction is approximately $162.5 million.

Stelco Negotiates Amended Deutsche Bank Commitment

28 November 2004 - Stelco Inc. has successfully negotiated Commitments from Deutsche Bank and its affiliates to replace the previously announced Commitments, which had depended on a General Motors contract. Stelco's Board of Directors unanimously approved the company entering into the revised Commitments with Deutsche Bank.

Ryerson Tull Announces Exercise of Option on Senior Notes

24 November 2004 - Initial purchasers have exercised the $30 million option granted to them in connection with Ryerson Tull Inc.'s offering of 3.50% Convertible Senior Notes due 2024, bringing the total aggregate principal amount of notes sold to $175 million. The offering closed on November 10, 2004.

Court Delay Prompts Steelworkers to Urge Consideration of Union Principles

24 November 2004 - With the court delaying its decision on Stelco Inc.'s refinancing deal with Deutsche Bank, the United Steelworkers is urging that the company ensure that the union's seven principles are adhered to in its capital-raising process.

GE Commercial Finance to Provide $173.5 Million in Financing for U. S. Steel

24 November 2004 - GE Commercial Finance Corporate Lending announced it has provided $173.5 million in financing to United States Steel Corp.

Commercial Metals Declares 2-for-1 Stock Split

23 November 2004 - Commercial Metals Co.’s board of directors declared a two-for-one stock split in the form of a 100% stock dividend on the company's common stock payable January 10, 2005 to shareholders of record December 13, 2004. Each stockholder of record will receive one additional share of CMC common stock for each share held as of the record date.

Ipsco Completes Unsecured Revolving Credit Facility

23 November 2004 - Ipsco Inc. announced the establishment of a new $150 million unsecured revolving credit facility.

SSINA Releases Latest Specialty Steel Import Data

23 November 2004 - Data released by the Specialty Steel Industry of North America (SSINA) demonstrate continued erosion of the U.S. market for total specialty steel and total stainless steel.

Stelco Announces Failure to Provide Security of Supply for General Motors

23 November 2004 - Stelco Inc. announced that it has been unable to satisfy the conditions regarding the provision of security of supply required by General Motors, the company's largest customer, through 2005.

Steelworkers Object to Stelco Motion to Approve Deutsche Bank Proposal

22 November 2004 - The United Steelworkers filed objection late last week to Stelco Inc.'s motion to seek approval for the financing commitment offered by Deutsche Bank (the DB Commitment) with the Ontario superior court.

Stelco Reaches Another Round of Deadlines

22 November 2004 - Over the weekend, Stelco Inc. provided updates regarding its capital raising activities and other matters. In its second update, the company emphasized the importance of its continued focus on maintaining its important business relationship with General Motors.

Gerdau Ameristeel Underwriters Exercise Over-Allotment Option

19 November 2004 - Gerdau Ameristeel Corp. announced that underwriters of the company’s recent public offering of common shares have exercised their over-allotment option to purchase an additional 4,381,000 common shares of Gerdau Ameristeel at the initial public offering price of Cdn. $5.90 per share.

AK Steel Awards Supplier of the Year Honors

19 November 2004 - AK Steel has honored three of its suppliers for outstanding service, value and strategic support of the steelmaker's business plan. The awards, the first ever presented by AK Steel, were announced during a meeting in Middletown of representatives of the steelmaker's largest 100 suppliers, based on commodity value and services provided. The suppliers attending represented approximately $2.25 billion in goods and services purchased annually by AK Steel.

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