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2008-10-23 09:00:27

GE Commercial Finance Corporate Lending today announced it has provided a $200 million asset-based credit facility to Severstal Warren, Inc., a steel producer and indirectly owned subsidiary of OAO Severstal. The loan will be used for ongoing working capital needs. Based in Warren, OH, Severstal Warren is an integrated flat-rolled steel producer with an annual raw steel capacity of 1.4 million tons. The company produces more than 185 grades of high-quality steel used by strip converters,...

2008-10-23 09:00:26

Money4Gold Holdings Inc. (OTCBB: MFGD) is pleased to announce that Mr. Neil McDermott has been appointed to its Board of Directors. Mr. McDermott has a long and distinguished career with particular knowledge and experience in the areas of land, capital and gold. He has a number of business interests in Ireland, the Ukraine and Estonia. In Ireland, his business interests include an investment company dealing in equities, commodities and currencies, a property development business, a...

2008-10-15 09:00:26

GE Commercial Finance Corporate Lending today announced a $100 million increase in senior secured financing for Severstal Columbus, a next generation steel mill based in Columbus, MS. This increase in funds brings the total project financing for the company, formerly known as SeverCorr, to $577.5 million. GE Capital Markets arranged the transaction as co-lead arranger. The loan will be used to expand the mill, doubling its steel producing capacity to 3 million tons per year. The...

2008-10-15 06:00:18

Researched by Industrial Info Resources (Sugar Land, Texas) -- At a time when the global steel industry is witnessing a slowdown in the face of the current economic recession worldwide, Severstal OAO (MCX:CHMF) (Cherepovets, Russia) has announced plans to invest at least $6 billion to forge its presence in the Asian market. Russia and India have traditionally enjoyed close cooperation and joint efforts in the steel sector. For instance, Romelt-SAIL India Limited (New Delhi) was set up in...

2008-10-10 18:00:27

WHEELING - While Severstal North America decides how to weather what is becoming a global economic downturn, hundreds of steelworkers at several Ohio Valley plants will wait to see how long their layoffs last. Wheeling Corrugating, a producer of deck and roofing products, is one unit that will keep working, said John Saunders, contract coordinator for the United Steelworkers. It's busy filling orders for the storm-socked Gulf Coast. Other units, however, will operate for a week, and then...

2008-09-24 09:00:34

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2008) - PBS Coals Limited (formerly Penfold Capital Acquisition Corporation) (TSX:PBS) is pleased to announce the completion of its previously announced business combination with PBS Coals Corporation effective today, September 24, 2008. In accordance with the terms of the plan of arrangement approved by the British Columbia Supreme Court, PBS Coals Limited now owns all of the issued shares of PBS Coals Corporation. The common shares of PBS Coals...

2008-09-18 00:00:24

By Joe Napsha With oil hovering around $95 a barrel and drilling in the United States for oil and natural gas on the rise, the new Russian-based owner of steel tube plants in Koppel and Ambridge in Beaver County sees a bright future for local operations. "We see a number of pluses in this acquisition and in this market. The market is so dynamic. Everybody worldwide is drilling more, exploring more," said Piotr Galitzine, chairman of TMK IPSCO, the Lisle, Ill.-based North American...

2008-09-15 06:00:29

By Tom Miles The shake-out of bidders for the Brazilian iron ore miner Namisa has left contenders with deep pockets and big appetites, sources familiar with the bidding said, signaling that the owner, CSN, may sell a majority stake. Some analysts estimate that the sale could value Namisa, the smaller of CSN's iron ore units, as high as $10 billion. But at least one analyst said that price expectations were getting out of hand. CSN has taken advantage of a hot iron ore market and has...

2008-09-11 00:00:22

By Joe Napsha About 16,000 steelworkers at 12 U.S. Steel Corp. plants will benefit from a four-year contract overwhelmingly approved Tuesday. The deal, which includes a $6,000 bonus, wage hikes and benefit improvements, won the approval of 79 percent of United Steelworkers members who voted -- 10,571 to 2,670 -- the USW said after the mail- in ballots were counted in Pittsburgh yesterday "We think this is the right contract for this time," United Steelworkers President Leo W. Gerard said...

2008-09-09 12:00:27

Excerpt from report by Belarusian privately-owned news agency Belapan Minsk, 9 September: Russia's Severstal Steel Works wants to build a new steelworks in Belarus, the press office of the Belarusian Council of Ministers has said with reference to Belarusian Prime Minister Syarhey Sidorski. Following his meeting with a delegation of Russia's Vologda Region, Sidorski said the Belarusian government plans to invite bids for the construction project worth more than 2bn dollars. The project...


Word of the Day
drawcansir
  • A blustering, bullying fellow; a pot-valiant braggart; a bully.
This word is named for Draw-Can-Sir, a character in George Villiers' 17th century play The Rehearsal.
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