Steel

• Steel consumers eye permanent R&D credit Dec 13, 2006

  Steel users will push the next U.S. Congress to make permanent a tax credit aimed at promoting research and development.

• Steel buying up in Nov.; stocks said still too high Dec 13, 2006

  Purchasing by steel buyers showed signs of revival in November, although most buyers said inventories remain too high, according to the latest survey by the Institute for Supply Management (ISM).

• Steel consumers to push for permanent R&D tax credit Dec 13, 2006

  Steel users said they would push to make a tax credit aimed at promoting research and development permanent in the next U.S. Congress.

• Quanex announces senior vp’s retirement; elects Olin exec to board Dec 13, 2006

  Quanex Corp., Houston, said senior vice president Michael R. Bayles, 54, is taking an early retirement due to health reasons.

• Arcelor Mittal selling Italian mills to Duferco Dec 13, 2006

  Arcelor Mittal is selling Travi e Profilati di Pallanzeno and San Zeno Acciai in Italy to Duferco SA for an enterprise value of 117 million euros ($155 million) to meet European Commission concerns about competition in the sections market following Mittal Steel Co. NV’s acquisition of Arcelor SA.

• Dana plans to close four plants Dec 13, 2006

  Automotive parts supplier Dana Corp., which is operating under Chapter 11 bankruptcy protection, has named four of eight plants it plans to close in the next two years and said further closures are expected to be finalized next year.

• TK Nirosta stainless tariff trimmed Dec 13, 2006

  An anti-dumping duty levied on U.S. imports of stainless steel sheet and strip in coil from ThyssenKrupp Nirosta GmbH, Krefeld, Germany, has been cut to 2.45 percent from 9.5 percent, the Commerce Department said in a Federal Register notice Wednesday.

• Steel Technologies’ Mi-Tech in deal to acquire Mitsui Auto Steel Canada Dec 13, 2006

  Steel processor Steel Technologies Inc., Louisville, Ky., said its Mi-Tech Steel Inc. joint venture with Mitsui Steel Holdings Inc. has agreed to purchase all of the stock of Mitsui Auto Steel Canada Inc. (Masci).

• Steel buying up in Nov., but inventories said still too high Dec 13, 2006

  Purchasing among steel buyers showed signs of revival in November, although most buyers said inventories remain too high, according to the latest survey by the Institute for Supply Management.

• Commerce adjusts margin on rebar from Latvia Dec 13, 2006

  The U.S. Department of Commerce has adjusted its anti-dumping duty margin on rebar from Latvia. The new margin is 5.94 and applies to only one producer, JSC Liepajas Metalurgs. This marks the fourth time Commerce has reviewed the duty.

• Cliffs signs deal to purchase 30% interest in Brazil’s Amapa project Dec 13, 2006

  Cleveland-Cliffs Inc., Cleveland, is buying part of a Brazilian iron ore project for $133 million.

• Train derailment hurts operations at IOC Dec 13, 2006

  A train derailment has reduced operations at the Iron Ore Co. of Canada, Sept-Îles, Quebec.

• Cliffs to purchase stake in Brazil’s Amapa project Dec 13, 2006

  Cleveland-Cliffs Inc., Cleveland, has decided to go ahead and purchase part of a Brazilian iron ore project for $133 million.

• Commerce lowers import duty vs. ThyssenKrupp Nirosta Dec 13, 2006

  The anti-dumping duty levied on imports of stainless steel sheet and strip in coils from ThyssenKrupp Nirosta GmbH, Krefeld, Germany, has been cut to 2.45 percent from 9.5 percent, the Commerce Department said Wednesday in a Federal Register notice.

• Commerce adjusts Latvia rebar margin Dec 13, 2006

  The U.S. Commerce Department has adjusted its anti-dumping duty margin on imports of rebar from JSC Liepajas Metalurgs, Liepaja, Latvia, to 5.94 percent. It is the fourth time Commerce has reviewed the duty.

• Nucor profit warning dumps cold water over steel stocks Dec 12, 2006

  Nucor Corp., Charlotte, N.C., has tempered its fourth-quarter earnings guidance, spurred by weaker-than-expected steel market conditions.

• Imports of cold-finished bar under watch Dec 12, 2006

  U.S. manufacturers of cold-finished steel bar are keeping a cautious eye on Chinese imports, which have surged since the middle of 2006.

• China’s finished steel exports up 9% in Nov.; double for 11 months Dec 12, 2006

  The growth in China’s finished steel exports accelerated again in November while iron ore imports remained strong, according to preliminary figures from the General Administration of Customs (GAC).

• US cold-finished bar producers keep eye on Chinese imports Dec 12, 2006

  U.S. manufacturers of cold-finished steel bar are keeping a cautious eye on levels of Chinese imports, which have surged since the middle of 2006.

• Mi-Tech in deal to buy Mitsui Auto Steel Canada Dec 12, 2006

  Steel processor Steel Technologies Inc., Louisville, Ky., said its Mi-Tech Steel Inc. joint venture with Mitsui Steel Holdings Inc. has agreed to purchase all of the stock of Mitsui Auto Steel Canada Inc. (Masci), Cambridge, Ontario.

• Nucor warning casts shadow over steel stocks Dec 12, 2006

  Nucor Corp., Charlotte, N.C., has tempered its fourth-quarter earnings guidance, spurred by weaker than expected steel market conditions.

• Baosteel starting new galvanizing line in 2007 Dec 12, 2006

  Shanghai Baosteel Group Corp., China’s largest steelmaker, plans to start commercial operations at a new 300,000-tonne-per-year electrogalvanizing line at the end of 2007, a company executive said.

• Evraz-Oregon Steel deal raising questions in DC Dec 12, 2006

  Shaky financing, federal regulatory concerns and possible direct ties to the Russian government could derail the pending $2.3-billion bid by Russia’s Evraz Group SA for Oregon Steel Mills Inc., according to sources in Washington.

• AK, IAM slate next round of contract talks Dec 12, 2006

  Negotiators for AK Steel Corp., Middletown, Ohio, and the International Association of Machinists and Aerospace Workers (IAM) will meet Wednesday afternoon to continue contract talks.