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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...

2008-08-06 03:00:41

By Joe Napsha, The Pittsburgh Tribune-Review Aug. 6--The consolidation of the global steel industry continued Tuesday as Russian steelmaker OAO Severstal completed its $1.25 billion purchase of Esmark Inc., the parent company of Wheeling-Pittsburgh Steel Corp. Severstal sealed the deal to acquire Esmark by purchasing 38.7 million shares of Esmark, or about 94.1 percent of its outstanding stock, by Monday's deadline for the tender offer, Severstal said. The Russian company paid about $775...

2008-08-05 12:00:40

Russian steel giant Severstal has completed a $775 million tender offer, buying 94 percent of U.S. steelmaker Esmark's outstanding shares, the company said. With the deal complete, Severstal has purchased 39 million shares of Esmark of Wheeling, W.Va., RIA Novosti reported. Esmark produces about 750,000 metric tons of steel products a year. Now a Severstal subsidiary, it was renamed the Severstal Wheeling Holding Company, the company said. Severstal closed two previous deals for U.S....

2008-08-05 00:00:24

WHEELING, W.Va., Aug. 5 /PRNewswire-FirstCall/ -- Esmark Incorporated ("Esmark") today announced the completion of its acquisition by OAO Severstal (LSE: SVST; RTS: CHMF) ("Severstal"). The acquisition was completed pursuant to the merger of Severstal Wheeling Acquisition Corp., a wholly-owned subsidiary of Severstal, with and into Esmark. Esmark was the surviving corporation of the merger and is now an indirect, wholly-owned subsidiary of Severstal and has been renamed "Severstal Wheeling...


Word of the Day
siliqua
  • A Roman unit of weight, 1⁄1728 of a pound.
  • A weight of four grains used in weighing gold and precious stones; a carat.
  • In anatomy, a formation suggesting a husk or pod.
  • The lowest unit in the Roman coinage, the twenty-fourth part of a solidus.
  • A coin of base silver of the Gothic and Lombard kings of Italy.
'Siliqua' comes from a Latin word meaning 'a pod.'
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