• Dana asks Appaloosa to make offer Aug 24, 2007

    A month after a bankruptcy court set aside objections from automotive parts maker Dana Corp.’s largest shareholder, Appaloosa Management LP, to approve another investor’s support of a Chapter 11 reorganization plan, Dana has invited Appaloosa to submit its own proposal.

  • MELTING POT Falling into line on beams Aug 24, 2007

    Nucor-Yamato Steel Co. recently unveiled what was probably the most complicated price realignment this year on wide-flange beams, leaving September transaction tags on many of the bread-and-butter sections at current levels but boosting some of the heavier items by between $5 and $40 per ton.

  • Russel Metals asset-backed paper not paid Aug 24, 2007

    Canadian service center company Russel Metals Inc. said a troubled Toronto-based structured finance firm had failed to repay about Canadian $11 million ($10.4 million) in commercial paper when it came due Thursday.

  • NAM applauds Clinton’s health-care stance Aug 24, 2007

    Is the National Association of Manufacturers (NAM) warming up to Democratic presidential frontrunner Hillary Clinton?

  • Dura Automotive files reorganization plan Aug 23, 2007

    Parts manufacturer Dura Automotive Systems Inc., Rochester Hills, Mich., has filed a plan of reorganization and a disclosure statement with the U.S. Bankruptcy Court in Wilmington, Del.

  • Ryerson board wins vote; Harbinger sent to showers Aug 23, 2007

    A proxy fight for control of Ryerson Inc.’s board of directors fell far short of the goal of the company’s largest shareholder as other shareholders voted to elect all 11 of Ryerson’s nominees.

  • China links fund-raising, pollution Aug 22, 2007

    As part of the Chinese government’s drive to curb investment in pollution-intensive industries, Chinese steel and aluminum companies seeking to raise funds on the capital markets must now seek the approval of the country’s environmental watchdog.

  • Doha Round must be completed Lamy Aug 20, 2007

    Completion of the Doha Round of world trade talks is not only technically possible but is also a “political must,” according to Pascal Lamy, the World Trade Organization (WTO) director-general.

  • July industrial production up despite downturn in housing Aug 20, 2007

    The manufacturing industry is showing signs of strength despite a weaker housing market.

  • Ryerson’s directors slate gets new backing as meeting nears Aug 20, 2007

    Ryerson Inc. has received another endorsement of its current board against proxy challengers.

  • Chinese threat to sell off dollar debunked Aug 20, 2007

    Is China preparing to deploy the economic equivalent of the “nuclear option?”

  • USW local reaches tentative labor agreement with Delphi Aug 17, 2007

    United Steelworkers union Local 87 in Dayton, Ohio, reached a tentative labor agreement Friday with Delphi Corp., becoming the last of half a dozen unions that had once threatened possible strike action to settle with the bankrupt auto parts maker.

  • MELTING POT Talk of the town Aug 17, 2007

    It's no surprise that in this year's takeover-crazy steel environment, some rumors never seem to die.

  • Denman is beefing up service Aug 16, 2007

    Steel service center Denman & Davis Inc., Clifton, N.J., has told customers in New England it is adding a truck driver to provide more deliveries in Maine and parts of New Hampshire.

  • Linamar signs deal for Ford parts business, Mexico plant Aug 16, 2007

    Ford Motor Co., Dearborn, Mich., has agreed to sell its power transfer unit business and a plant in Nuevo Laredo, Mexico, to Linamar Corp., Guelph, Ontario. Financial terms were not disclosed.

  • Proxy advisers backing Ryerson’s slate Aug 16, 2007

    Two proxy advisory firms have recommended that Ryerson Inc. shareholders vote for a slate of directors nominated by the company, while another firm has recommended that one proxy challenger be given a board seat.

  • Samuel grows reach via $8.8M Northland Stainless purchase Aug 15, 2007

    Samuel Manu-Tech Inc., Toronto, has acquired Northland Stainless Inc., Tomahawk, Wis., for nearly $8.8 million, subject to working capital item adjustments.

  • Lots of questions in Harbinger fight Aug 15, 2007

    Harbinger Capital Partners and Ryerson Inc. kept up a volley of announcements Wednesday, with each issuing lengthy statements challenging their competing slates of director nominees.

  • Ryerson’s Novich defends Platinum Equity sales plan Aug 15, 2007

    The top executive of Ryerson Inc., Chicago, has defended his company’s search for a buyer as “extremely thorough,” and said that a proxy challenge had been a catalyst to the effort but was not the only factor in reaching an agreement to be sold to equity management firm Platinum Equity LLC.

  • Nymex echoes CME, says trade not affected by Sentinel freeze Aug 15, 2007

    The New York Mercantile Exchange echoed the Chicago Mercantile Exchange Group, saying Wednesday that its trading operations haven’t been jeopardized following news that Sentinel Management Group Inc. has asked regulators for permission to freeze withdrawals from its $1.5-billion fund because of a worldwide credit squeeze.

  • American Axle move will slice work force by 650 at NY facility Aug 14, 2007

    Automotive parts manufacturer American Axle & Manufacturing Holdings Inc., Detroit, said it will offer buyouts and early retirement to about 650 employees at a Buffalo, N.Y., plant.

  • CME says trade unfazed by Sentinel move Aug 14, 2007

    Trading operations at the Chicago Mercantile Exchange (CME) haven’t been affected by Sentinel Management Group Inc.’s request to regulators to freeze withdrawals from its $1.5-billion fund because of a global credit crunch.

  • Dana supplying propshafts, coolers to Nissan Aug 13, 2007

    Automotive supplier Dana Corp., operating under Chapter 11 bankruptcy protection, has been picked to supply propshafts and auxiliary transmission oil coolers for the 2008 Rogue crossover vehicle, which Nissan North America Inc. will begin selling next month.

  • NAM, AISI welcome Sutton as manufacturing czar Aug 13, 2007

    Manufacturing associations welcomed the confirmation of William G. (Woody) Sutton to serve as the U.S. Commerce Department’s assistant secretary of Manufacturing and Services, sometimes referred to as the manufacturing “czar.”

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