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The Federal Trade Commission has granted Sharon Tube Co. and private equity firm The Carlyle Group an early termination to the waiting period under the Hart-Scott-Rodino Act, clearing the way for a sale to take place.
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Highland Capital Management LP, a Dallas-based hedge fund that owns 8.9 percent of bankrupt automotive supply giant Delphi Corp., said it had proposed an up to $4.7-billion refinancing plan that would compete with a private equity plan accepted by Delphi executives three days earlier.
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Steel processor and manufacturer Worthington Industries Inc., Columbus, Ohio, said net earnings in the company’s second quarter ended Nov. 30 declined 31 percent to $26.9 million while net sales increased 4 percent to $729.3 million.
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A land swap deal looks good on paper for the proposed startup of Minnesota Steel Industries LLC.
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The installation of new leadership at Wheeling-Pittsburgh Corp., Wheeling, W.Va., has resulted in one longtime executive staying with the company in a new role and another seeing his position terminated.
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The executive team that will lead Wheeling-Pittsburgh Steel Corp., Wheeling, W.Va. has been established by its new ownership group, according to a filing with the U.S. Securities and Exchange Commission.
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Minnesota Steel Industries LLC, Nashwauk, Minn., which has plans to build a $1.6-billion steel and taconite plant on the Minnesota Iron Range, got something on paper Wednesday.
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Commercial Metals Co.’s (CMC’s) fiscal first-quarter net income rose 22.6 percent to $85.4 million on sales of $2 billion vs. year-earlier net income of $69.6 million on sales of $1.6 billion.
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In another sign of a deteriorating U.S. steel market, Mittal Steel Co. NV, Rotterdam, the Netherlands, has offered a new round of temporary five-week voluntary layoffs to workers at its large Sparrows Point, Md., plant.
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Commercial Metals Co. (CMC), Irving, Texas, is moving to expand its reach in the southwestern United States with plans to build a “micro-mill” in the Phoenix area.
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Arcelor Mittal has signed a deal to acquire Siderúrgica Lázaro Cárdenas Las Truchas (Sicartsa), an integrated long products mill in Mexico, from Grupo Villacero for $1.44 billion.
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Brazil’s steel sector will start lobbying the government for a reinstatement of import tariffs on 15 types of steel products whose import duties were zeroed in 2005, officials at the Instituto Brasileiro de Siderurgia (IBS) said Wednesday.
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Commercial Metals Co. (CMC), Irving, Texas, is moving to expand its reach in the southwestern United States with plans to build a “micro-mill” somewhere around Phoenix.
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Lone Star Technologies Inc. is forming a joint venture with India’s Welspun Group to build a 300,000-ton spiral weld tube facility in the United States.
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The U.S. Treasury Department declined to label China a currency manipulator in a report to Congress Wednesday, a move that sparked little surprise among observers but still inflamed passions on Capitol Hill.
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Chaparral Steel Co., Midlothian, Texas, nearly doubled its second-quarter profits on higher average prices, recording a net income of about $67.5 million, or $1.40 per diluted share.
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Mittal Steel Co. NV, Rotterdam, has offered workers a new round of temporary five-week “voluntary” layoffs at its large Sparrows Point, Md., plant, in another sign of a deteriorating steel market.
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U.S. spot market prices for carbon hot-rolled sheet have slipped another $20 a ton as producers continue to wait out an inventory correction at the service center level.
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Automotive body structures manufacturer Tower Automotive Inc., Novi, Mich., said it had filed a commitment letter and restructuring term sheet with its bankruptcy court with commitments from three bondholders to underwrite a $250-million equity rights offering for its reorganization plan.
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U.S. spot market prices for carbon hot-rolled sheet have slipped another $20 a ton as producers continued to wait out an inventory correction at the service center level.
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Delong Holdings Ltd., Beijing, has commissioned an 800,000-tonne-a-year hot-rolled expansion project in northern China.
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Natural Resource Partners LP, Houston, is buying coal reserves from Dingess-Rum Properties Inc., Charleston, W.Va., which contain metallurgical-grade material.
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China’s Hunan Hengyang Steel Tube (Group) Co. Ltd. plans to increase pipe output by 20 percent to 1 million tonnes in 2007 through technical upgrades.
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Natural Resource Partners LP, Houston, is buying coal reserves from Dingess-Rum Properties Inc., Charleston, W.Va., which contain metallurgical-grade material.