Kiswire Inc., a maker of steel cord for the tire industry, will expand its manufacturing operations in Newberry County. The first phase will involve a $15 million investment that is expected to generate 30 new jobs. The company expects to begin construction on the building this quarter and begin production at the facility by the end of 2013.
The company said Tuesday that net income was $242 million, or 21 cents per share. That includes one-time gains like income from selling a hydroelectric project. Without those gains, the company would have made six cents per share — exactly what analysts expected, according to FactSet — on revenue of $5.90 billion. Sales were higher than the $5.58 billion that analysts predicted.
The Silicor plant was initially forecast to employ 200. An additional phase of the project — a silicon metal purifying operation — was expected to provide 750 jobs. State and local officials offered an incentive package of more than $90 million.
Felman Production LLC and the United Steelworkers have agreed on a new contract at the company's ferroalloys plant in New Haven. Felman announced the agreement with United Steelworkers Local 5171 on Wednesday. It says the 42-month contract will cover more than 215 workers. The current contract was set to expire early this month.
A South Korean businessman and his Iowa metals company gave $500,000 to a university institute honoring U.S. Sen. Tom Harkin, who is pushing for a dollar coin that could generate tens of millions of dollars in new business for the company, according to records obtained by The Associated Press.
Mayville Engineering Company, Inc. (MEC) today announced it has acquired Center Manufacturing, Inc. (Center), a Michigan-based manufacturer of metal products for the commercial vehicle, powersports, agriculture, construction, automotive and military industries, through a private stock purchase.
Three workers at a Syrian steel plant, including an Italian, have been kidnapped, officials said Monday. Italy's foreign ministry did not say where or when the kidnappings occurred but that the plant is located in the regime stronghold of Latakia city on Syria's Mediterranean coast.
The KONTEC KSX NC vise from SCHUNK (Morrisville, NC) is a powerful clamping system for simultaneous 5-axis machining. The compact and easily accessible clamping system can handle tool-free adjustable clamping forces between 4 and 40 kN.
Baltimore County Executive Kevin Kamenetz says an owner of the Sparrows Point steel mill will raze the closed plant. He said Thursday's announcement marks the end of a more than century-old tradition of steelmaking in Baltimore County. Hilco Industrial, a company that specialized in liquidations, bought the mill.
A union official representing steelworkers at the shuttered Sparrows Point steel mill is reacting angrily to reports key mill equipment has been sold. Joe Rosel, president of a United Steelworkers local in Sparrows Point, says no one will want to buy the plant without the cold mill equipment.
German steelmaker ThyssenKrupp AG says it is taking a €3.6 billion ($4.66 billion) hit on the value of its Steel Americas unit. The Essen-based company says the writedown follows a reassessment prompted by efforts to sell the unit's plants in the United States and Brazil.
3D printing is a technology that has, for more than a decade, seen inroads mostly in the hobbyist community. It’s expensive and slow, but is capable of producing items that are difficult — if not impossible — to replicate with more traditional processes. But 3D printing could have a real place in the future of manufacturing.
Alcoa Inc. has decided to shut down a northeastern Indiana factory after cutting hundreds of jobs there over the past decade. The company announced Tuesday that the Auburn factory will end operations in March. The factory has 25 hourly and 18 salaried workers.
Chicago Pneumatic, a quality leader in performance air tools since 1901, is announcing its new line of CP3850 industrial angle grinder and sanders which offer the highest power to weight ratio and durability in their class.
U.S. Steel Corp. is laying off 142 union workers at a Pittsburgh-area tube plant, citing unfairly traded imports as the reason. About 95 workers will keep their jobs at the McKeesport Tubular Operations plant about 10 miles southeast of Pittsburgh. Spokeswoman Courtney Boone says the company believes the supply-and-demand problem is driven largely by subsidized imports which U.S. Steel contends violate trade laws.
Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years. Vending machine operators have long championed the use of $1 coins because they don't jam the machines, cutting down on repair costs and lost sales.
A freak tornado struck a steel plant in southern Italy on Wednesday just days after its owners announced their intention to close what is Europe's largest steel facility. One person was reported missing and some two dozen were injured when the tornado struck Wednesday, the ANSA news agency said.
Steel maker Steel Dynamics Inc. said Tuesday it will build a new heat-treating system capable of producing 350,000 tons of steel per year at its structural and rail division facility in Columbia City, Ind. The system will be used to make steel rails for the railroad industry.
France's new government minister for industrial recovery says he wants international steel giant ArcelorMittal out of the country. ArcelorMittal infuriated many on the French left and beyond by announcing Oct. 1 that it planned to stop the furnaces at its plant in the northeastern town of Florange. It gave the French government 60 days to find a new owner.
Since 2009, a multi-stakeholder group has been working together to develop an agenda for action to address the conflict in the Democratic Republic of Congo (“DRC”) by cutting off funding from trade in conflict minerals. Recently, a petition was filed by the National Association of Manufacturers, the US Chamber of Commerce, and the Business Roundtable for judicial review of the final rule implementing Section 1502.
The steel sector jumped in Monday trading with Credit Suisse seeing a better supply landscape at the start of the year, thanks to rising demand and better prices. Domestic suppliers have grappled with weak demand because of the global economic slowdown. That situation has been worsened because of imports and new U.S. steelmaking facilities.
Forest City Gear (FCG), currently based in Roscoe, Illinois, was founded in 1955, but was recently tasked with one of its most important missions to date: building the gears for critical mechanical functions in the Mars Curiosity rover.
Dennen Steel cut the ribbon on its steel stamping facility to serve the Southern USA market. Mississippi Governor Phil Bryant cut the ribbon on the new $7 million facility. Dennen Steel Chairman Andrew Dennen reported that “we are making a significant investment here because we projected growth opportunities with existing and new customers in the region.”
Under a recent SEC rule, public companies must acknowledge if their supplies of tantalum, tin, gold or tungsten originate from the Democratic Republic of Congo or its nine adjoining countries. Because of a complex global supply chain, compliance isn't exactly a walk in the park.
The Port Authority of New York and New Jersey and a Canadian company have settled a lawsuit over steel for an antenna that will sit atop One World Trade Center. The Manhattan lawsuit had said the company refused to ship remaining steel for the spire while demanding about $6 million in payments for another project.