Steel News

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.

ISG Successfully Launches HBI Facility in Trinidad

19 November 2004 - International Steel Group Inc. announced the successful start-up of its hot briquetted iron (HBI) facility in Trinidad and Tobago. ISG purchased the facility in July 2004 from Cliffs and Associates Limited as part of its strategy to stabilize its raw material supplies and costs.

Stelco Reaches Tentative Contract Agreement with General Motors

18 November 2004 - Stelco Inc. has reached agreement with General Motors for a contract commencing April 1, 2005 and ending December 31, 2006. While recent contracts with General Motors have typically been for one year, the new arrangement covers a longer period.

Ivaco Updates Financial Reporting Plans

18 November 2004 - Ivaco Inc. announced that, given the previously announced Court-approved sale of company assets to a subsidiary of Heico Companies, LLC, it will not be in a position to file its financial statements for the period ended Sep. 30, 2004, or, possibly, for future periods.

Steelworkers Oppose Deutsche Bank Offer for Stelco

18 November 2004 - The United Steelworkers announced that it is firmly opposed to the deal between Deutsche Bank and Stelco Inc. and will oppose it in court on Nov. 22.

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.