North America
All the latest headlines from NAFTA trading partners: the U.S., Canada and Mexico.
Latest News
MEPS International Steel Market Roundup
13 January 2005 - According to MEPS (International) Ltd., U.S. market activity for Flat Products is flat. The mills, faced with weak fourth quarter order books, started seasonal maintenance shutdowns in November that have continued through this month. With high customer inventories, mill transaction prices continue to slip. MEPS has received unconfirmed reports that surcharges are not being universally applied, especially to large volume purchasers. Steel market conditions are expected to improve in the first quarter, and AK Steel Corp. has already announced a $US50 per ton hike. Canadian market activity continues to be subdued, with inventory levels apparently more tailored to present-day demand than those in the US. However, MEPS has monitored further drops in transaction values over the last four weeks.
Wheeling-Pitt Commences Efficiency-Based Technology Initiatives
13 January 2005 - Wheeling-Pittsburgh Steel Corp. announced recent technology initiatives designed to drive business efficiency and enhanced customer service. The company currently uses solutions from i2 Technologies, Inc., and recently began implementing solutions from Steelman Software Solutions Inc. These technology upgrades to the company's computerized planning, order management, mill scheduling and production tracking tools are designed to help gain a competitive edge.
Cliffs Commences Tender Offer for Portman Limited
12 January 2005 - Cleveland-Cliffs Inc. announced commencement of a negotiated A$3.40 per share all-cash tender offer for all outstanding shares issued by Portman Limited. If the tender offer is fully subscribed, the net acquisition price would total approximately US$465 million (at an exchange rate of A$1 = US$0.77) and would be financed with existing cash and new borrowings of $100 million.
Timken Latrobe to Increase Aerospace Specialty Steel Prices
12 January 2005 - Timken Latrobe Steel announced it would increase prices by 5 to 15% on all remelted aerospace alloys and air melt stainless steel grades. The price change will be effective with all new orders received beginning January 17, 2005. Raw material surcharges will remain in effect.
Grupo Imsa Plans to Focus on Mexican Stock Exchange, Drop from NYSE
11 January 2005 - Grupo Imsa, SA de CV’s Board of Directors has approved submission of a proposal to shareholders for delisting its American Depositary Shares (representing American Depositary Receipts or ADRs) from the New York Stock Exchange (NYSE) and the simultaneous termination of its ADR program with The Bank of New York (the Depositary). The proposal will be submitted as part of a general extraordinary shareholders meeting,
Nucor to Expand Cold-Finished Bar Offerings with Fort Howard Facility
11 January 2005 - Nucor Corp. has entered into an agreement to purchase substantially all of the assets of Fort Howard Steel, Inc.'s Oak Creek, Wis., operations.
ISG Program Restores Partial Benefits to Bankruptcy-Stranded Union Retirees
10 January 2005 - Retirees who lost health care benefits in four steel company bankruptcies will have a measure of that coverage restored March 1, thanks to an innovative trust fund bargained by the United Steelworkers of America (USWA) and International Steel Group, Inc.
Bayou Steel Reports Fiscal 2004 Results
07 January 2005 - Bayou Steel Corp. reported net income of $29.8 million on sales of $240.8 million for the year ending September 30, 2004. Results included income reported by Bayou Steel’s predecessor prior to the company’s emergence from bankruptcy on February 18, 2004.
Maverick Tube Announces New Officer Appointments
05 January 2005 - Maverick Tube Corp.’s Board of Directors has elected C. Robert Bunch, currently the company's President and Acting CEO, as Chairman. Mr. Bunch, who will remain Acting CEO, replaces Gregg Eisenberg, whose retirement as Chairman was previously announced.
First Quarter Outlook Strong for Steel Technologies
05 January 2005 - Steel Technologies Inc. expects results for the first fiscal quarter to reflect continued substantial increases in volume and sales through its operations.
Canadian Steelworkers Launch Campaign for Tsunami Relief
05 January 2005 - The United Steelworkers, through its Humanity Fund, has launched a union campaign to raise funds for relief to victims and survivors of last month's devastating tsunami.
Seven Potential Bidders Move on to Phase Two of Stelco Sale Process
05 January 2005 - Six parties have demonstrated their interest in participating in Stelco Inc.’s Court-approved capital raising process for its core integrated steel business by submitting detailed proposals by the December 31, 2004 deadline.
Universal Stainless to Increase Base Prices
05 January 2005 - Universal Stainless & Alloy Products, Inc. announced base price increases of 5% on all air melted and 7% on all remelted steels, effective with shipments scheduled for January 17.
Ryerson Tull Completes Acquisition of Integris Metals
05 January 2005 - Ryerson Tull, Inc. has completed its acquisition of Integris Metals, Inc., from its shareholders, Alcoa Inc. and BHP Billiton. Ryerson Tull purchased all of the equity interest in Integris for $410 million plus assumption of approximately $234 million of Integris' debt.
AK Steel Makes Voluntary Pension Trust Fund Contribution
05 January 2005 - AK Steel made a $150 million voluntary contribution to its pension trust fund on January 3, 2005. The voluntary contribution applies toward approximately $300 million of pension funding that otherwise would be required in 2006.
Cleveland-Cliffs Announces Convertibility of Preferred Stock
03 January 2005 - Holders of Cleveland-Cliffs Inc.’s 3.25% redeemable cumulative convertible perpetual preferred stock may surrender stock for conversion at any time during the fiscal quarter ending March 31, 2005, thanks to satisfaction of a condition to the conversion right. The condition was satisfied because the closing share price of Cleveland-Cliffs' common shares exceeded 110% of the then-applicable conversion price of the preferred stock for at least 20 of the last 30 trading days of the fiscal quarter ended December 31, 2004.
Morgan to Upgrade Argentinean Rod Mill
01 January 2005 - Morgan Construction Co. has received two contracts from Acindar Industria Argentina de Aceros SA, Argentina, for the design, manufacturer and installation of new equipment to upgrade Acindar’s twin-strand rod mill.
Posco Employees Support Wide Range of Volunteer Activities
01 January 2005 - Under the slogan, "Sharing love and hope", Posco practices altruism through a variety of community service activities that comprise a part of Posco's Corporate Sustainability Management (CSM).
Magnum Metal Process Inaugurates New Office
01 January 2005 - Value-engineered solutions provider Magnum Integrated Technologies Inc. recently opened a new office in Pune, India, as part of the company’s wholly owned subsidiary Magnum Metal Process Technologies Pvt. Ltd.
Posco Speeds Up Implementation of Innovative Strategies
01 January 2005 - In an effort to create a world-class corporate culture, Posco continues to implement activities that will help spur innovation in daily business activities.
