Steel News

Deutsche Bank to Remove 3% Equity Clause from Stelco Agreement

18 November 2004 - Stelco Inc. has had discussions with Deutsche Bank for the purpose of deleting reference to a management share plan in the Deutsche Bank Commitment Letter.

Algoma Steel Adopts Shareholder Rights Plan

17 November 2004 - Algoma Steel Inc.’s Board of Directors has adopted a Shareholder Rights Plan.

Cliffs Announces New Officers

16 November 2004 - Cleveland-Cliffs Inc. announced the election of George W. Hawk as General Counsel and Secretary, and Dana W. Byrne as Vice President—Public Affairs.

AK Steel Announces Surcharges and Surcharge Modifications

16 November 2004 - AK Steel has advised its flat-rolled carbon steel customers that a $153 per ton surcharge will be added to invoices for products shipped in December, an increase of $4 from November's surcharge of $149 per ton. AK Steel also advised its electrical steel customers that a $260 per ton surcharge will be added to invoices for electrical steel products shipped in December, up $10 from the November surcharge of $250 per ton for those products.

Stelco Provides Additional Details Regarding Deutsche Bank Commitment

16 November 2004 - Stelco Inc. provided further details of the transaction announced on November 14, 2004, with respect to a proposal from Deutsche Bank Securities Inc. and Deutsche Bank AG.

Stelco and Deutsche Bank Agree on Terms of New Financing

15 November 2004 - Stelco Inc.’s Board of Directors unanimously approved a term sheet with Deutsche Bank Securities Inc. and Deutsche Bank AG. The term sheet provides for a recapitalization of Stelco Inc. involving a financing of $900,000,000. The financing includes an asset-based loan facility co-underwritten by Deutsche Bank AG and CIT Business Credit Canada, for which Deutsche Bank Securities Inc. will act as Lead Arranger, and a purchase commitment by Deutsche Bank Securities Inc. of Stelco Inc. convertible notes and bridge notes.

Steel Making a Comeback in Automotive Steel Wheels

13 November 2004 - Steel wheels, once facing a rapid decline in use, are making a strong comeback as automakers realize they can save up to $100 per vehicle without sacrificing quality or performance. DaimlerChrysler Corp., Ford Motor Co. and General Motors Corp., plus many European and Asian carmakers, are changing back to steel wheels for base wheels as well as for upgrade packages.

AK Foundation to Support New Middletown Senior Center

12 November 2004 - The AK Steel Foundation has pledged $1 million over a five-year period to help finance the construction of a new center planned by Middletown Area Senior Citizens, Inc.

USS Development Center to Promote Investment in Serbia

12 November 2004 - United States Steel Corp. announced that officials of the U. S. Steel Serbia Economic Development Center (EDC) will lead a team of government and business representatives to the United States to promote North American investment in Serbia. The group will host a series of road show investment roundtables November 13-20 in New York, Cleveland and Chicago.

Dietrich Metal Framing Forms Joint Venture with Encore Coils

11 November 2004 - Dietrich Metal Framing has formed a Canadian metal framing joint venture with Encore Coils. The joint venture will operate under the name Dietrich Metal Framing Canada.

MEPS International Steel Market Roundup

11 November 2004 - MEPS (International) Ltd provided the following summary of international flat steel and long products markets:

Republic Adds Director of Process Improvement

10 November 2004 - Republic Engineered Products Inc. announced the appointment of Randy Parrish to Director of Process Improvement.

Cleveland-Cliffs Announces Two-for-One Stock Split

10 November 2004 - Cleveland-Cliffs Inc.’s Board of Directors has approved a two-for-one stock split as well as the reinstatement of a quarterly cash dividend payment to holders of its common shares. A scheduled dividend payment on the company's 3.25% Redeemable Cumulative Convertible Perpetual Preferred Stock was also authorized.

Stelco to Evaluate Bondholder Proposal

10 November 2004 - Stelco Inc. has received a comprehensive proposal from a group of its bondholders, as well as several other expressions of interest. Stelco's Board of Directors, in consultation with its advisors, is actively reviewing the bondholder proposal.

Triple-S Steel Acquires Western Structural Steel Distributor

09 November 2004 - Triple-S Steel has acquired R&S Steel, one of the largest distributors of structural steel products in the western United States.

Northwest Pipe Announces Major Order

09 November 2004 - Northwest Pipe Co. has received a letter of intent from W.W. Clyde & Co. of Springville, Utah, for approximately $17 million of welded steel pipe for the Point of the Mountain Aqueduct, a project for the Metropolitan Water District of Salt Lake City and Sandy.

Canadian Tribunal Initiates Inquiry for Stainless Steel Wire Imports

09 November 2004 - The Canadian International Trade Tribunal has initiated a public interest inquiry to determine whether the imposition of anti-dumping duties or countervailing duties for cold drawn and annealed stainless steel round wire from the Republic of Korea, Switzerland and the United States would not be in the public interest.

Wheeling-Pittsburgh Reports 3rd Quarter Results

09 November 2004 - Wheeling-Pittsburgh Corp., the holding company of Wheeling-Pittsburgh Steel Corp., reported net income of $35.6 million on net sales of $401.8 million for the quarter ended September 30, 2004.

Stelco Reports 3rd Quarter Results

08 November 2004 - Stelco Inc. reported net earnings of $58 million on net sales revenue of $953 million in the third quarter ended September 30, 2004.

Ryerson Tull Announces Pricing of Senior Notes

05 November 2004 - Ryerson Tull, Inc. announced pricing of its Rule 144A private offering of $145 million aggregate principal amount of Convertible Senior Notes due 2024. Closing of the offering is expected to take place on November 10, 2004, subject to customary closing conditions. Initial purchasers will have the option to purchase up to an additional $30 million aggregate principal amount of notes.