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Latest SeverStal Stories

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...

2008-09-08 00:00:22

By Joe Napsha When Russian leader Nikita S. Khrushchev toured the United States in 1959, he visited Mesta Machine Co. in West Homestead to see a mill that made machine tool and steel mill equipment for the thriving steel industry. Today, the Russians are doing more than just visiting steel mills and steel-supply plants to see how they work -- they're buying some of the nation's steel industry assets, thanks in large part to Russian tycoons who are worth billions of dollars, experts say....

2008-09-02 12:00:23

The Timken Company (NYSE: TKR) announced today that it is providing industrial services to Sparrows Point, a fully integrated steel mill based in Baltimore. As a full-service supplier to Sparrow's Point, Timken performs bearing repair, chock repair, roll repair and other lifecycle services for the steel producer. Timken provides service on approximately 50 different bearing part numbers for use in cold and hot steel mills at Sparrows Point. Timken's bearing repair services have...

2008-09-01 03:00:18

By Harris, Linda OAO Severstal Inc., the Russian steelmaker aiming to increase its toehold in the U.S. steel industry, has completed its acquisition of Esmark Inc., a deal that includes Wheeling-Pittsburgh Steel. Severstal purchased nearly 39 million Esmark shares - about 94 percent - prior to the Aug. 4 deadline. The acquisition cost Severstal $775 million plus nearly a half million-dollars more in debts and loans it assumed as part of the deal. The new company will be known as...

2008-08-24 00:00:28

Russia's biggest steelmaker plans to buy fast-growing PBS Coals, which counts the Quecreek Mine among its operations in Somerset County. OAO Severstal of Cherepovets, Russia, said Friday it will acquire PBS for $1.3 billion to supply its U.S. operations with coking coal. Severstal, led by billionaire Alexei Mordashov, follows steelmakers including ArcelorMittal and Posco in acquiring coal mines after a year in which steel and coal have doubled to record prices. Steelmakers have boosted...

2008-08-22 09:00:53

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2008) - NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN PBS Coals Corporation ("PBS"), a private British Columbia corporation, and Penfold Capital Acquisition Corporation (TSX VENTURE:PNA.P) are pleased to announce that they have entered into a Support and Purchase Agreement with Severstal Resources, the mining division of OAO Severstal...

2008-08-22 06:00:30

Researched by Industrial Info Resources (Sugar Land, Texas) -- ArcelorMittal (NYSE:MT) (Luxembourg) is moving forward with the $1.2 billion expansion of the Monlevade Steel Mill, located about 110 kilometers from Belo Horizonte, the capital of Minas Gerais state in southeastern Brazil. Construction began in March 2008 and is expected to last 30 months. Construtora Lideranca (Belo Horizonte) is in charge of construction. For details, view the entire article by subscribing to Industrial...

2008-08-15 00:00:29

Carlyle Group, the world's second-largest private-equity firm, sold U.S. steelmaker John Maneely Co. to Russia's OAO Novolipetsk Steel for $3.5 billion, increasing its money sevenfold in two years. The Zekelman family also sold its stake in John Maneely, which is forecast to have sales of $3 billion in fiscal 2008, Lipetsk-based Novolipetsk said in a statement. It's the biggest steel industry takeover this year, according to data compiled by Bloomberg News. Maneely owns Wheatland Tube...


Word of the Day
ambsace
  • Bad luck; misfortune.
  • The smallest amount possible or the most worthless thing.
The word 'ambsace' comes from a Latin word meaning 'both'.