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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...

2008-08-05 00:00:24

MOSCOW, Aug. 5 /PRNewswire-FirstCall/ -- OAO Severstal (LSE: SVST; RTS: CHMF), one of the world's leading metals and mining companies, today announced that it has completed its acquisition of Esmark Incorporated, a manufacturer and distributor of flat rolled and other steel products. The acquisition was completed pursuant to the merger of Severstal Wheeling Acquisition Corp., a wholly-owned subsidiary of Severstal, with and into Esmark. Esmark, as the surviving corporation in the merger, is...

2008-07-30 15:00:58

To: STATE EDITORS Contact: Darci E. McConnell of McConnell Communications, Inc., for Laborers' Local 1191, +1-313-237-0100, +1-313-686-8094 DETROIT, July 30 /PRNewswire/ -- Laborers' Local 1191 has reached an agreement with Severstal North America, the union's leadership said Wednesday. The agreement comes after more than 300 members of the union picketed in front of the integrated steel company this past Monday, July 28. The picket was to protest the company's use of an...

2008-07-28 06:01:05

To: LABOR EDITORS Contact: Darci E. McConnell of McConnell Communications, Inc., +1- 313-237-0100, or +1-313-686-8094, for Laborers' Local 1191 DEARBORN, Mich., July 28 /PRNewswire/ -- More than 300 members of Laborers' Local 1191 are picketing in front of Severstal North America today, in protest of the integrated steel company's use of an out-of-state, non-unionized company for its demolition project. Laborers' Local 1191, one of the state's largest construction unions, will begin...

2008-07-23 21:00:33

MOSCOW. July 23 (Interfax) - Mining giant Anglo American has discussed the possibility of launching operations in Russia with officials form the Russian Ministry of Natural Resources and Ecology. Russian Deputy Minister of Natural Resources and Ecology Sergei Donskoy held a working meeting with Anglo American's Senior Executive Vice President for Business Development Paul Cahill to discuss the corporation's investment in the Russian mining sector, the Natural Resources Ministry's press...

2008-07-18 00:00:27

By Tim Huber It's been more than a century since J.P. Morgan, Andrew Carnegie and other U.S. steel barons built mining empires that dominated life across wide swaths of Central Appalachia's coalfields, securing essential fuel for their mills. Bits of that history are starting to repeat themselves. Decades after tough economic times forced steel makers to abandon company towns and sell their coal mines, 21st-century steelmakers are back in the hunt for coal. This time, rather than the...

2008-07-17 00:00:27

By Tim Huber It's been more than a century since J.P. Morgan, Andrew Carnegie and other U.S. steel barons built mining empires that dominated life across wide swaths of Central Appalachia's coalfields, securing essential fuel for their mills. Bits of that history are starting to repeat themselves. Decades after tough economic times forced steel makers to abandon company towns and sell their coal mines, 21st century steelmakers are back in the hunt for coal. This time, rather than the...

2008-07-16 00:00:25

WHEELING - Russia's OAO Severstal plans to take Esmark Inc. off the public stock market after an upcoming buyout that was nearing completion Monday. In a filing with the Securities and Exchange Commission, Severstal also reported that Franklin Mutual Advisors has tendered 23.74 million Esmark shares, or 60.1 percent of the company, to the Russian firm. Severstal's tender offer expires at midnight Friday. Severstal is buying the parent of Wheeling-Pittsburgh Corp. for $760 million, plus...


Word of the Day
vermicular
  • Like a worm in form or movement; vermiform; tortuous or sinuous; also, writhing or wriggling.
  • Like the track or trace of a worm; appearing as if worm-eaten; vermiculate.
  • Marked with fine, close-set, wavy or tortuous lines of color; vermiculated.
  • A form of rusticated masonry which is so wrought as to appear thickly indented with worm-tracks.
This word ultimately comes from the Latin 'vermis,' worm.
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