Timken Co. said Monday it has formed a strategy committee to consider separation of steel business from its bearings businesses. The committee is made up Joseph Ralston, who will serve as chair of the panel, and the other eight independent and non-Timken family members of the board of directors. Goldman Sachs will assist the committee in its evaluation.
A group led by South Korean steelmaker POSCO and China Steel Corp. had entered into a joint venture that owns ArcelorMittal iron ore mining and infrastructure assets in Quebec. The deal was originally announced in January. ArcelorMittal, which is based in Luxembourg, still owns 85 percent of the joint venture.
Prosecutors allege in the order Wednesday that the real estate, stocks and other financial assets belonging to the Riva family were obtained through the misuse of funds belonging to the Ilva steel plant. Brothers Emilio and Adriano Riva, founders of the company that owns the plant, are currently under investigation for fraud.
An official notice Tuesday said mills in Hunan province's Youxian county were ordered to suspend business and recall their products after samples showed excessive cadmium levels. It said the mills had been operating legally and sourced their rice from local farmers.
ALCOA says resurgent auto manufacturing is creating demand for its aluminum products and it will expand its plant in Tennessee. The Daily Times first reported the company will create 200 new jobs with a $275 million expansion of its rolling mill in Alcoa, Tenn. Some 400 construction jobs will be created in building it.
In a heavy industry, where potential hazards are numerous, reaching one million hours of safe operation is a remarkable achievement, and it’s one that Brown attributes not only to that “big stick,” but also a dramatic shift in company culture, simply by being aware of safety down to the smallest loose cable and scratched knuckle.
U.S. Silver & Gold is shutting down its historic Drumlummon mine because it costs more to produce an ounce of gold than it's worth, the company announced. During the first three months of 2013, the mine near Marysville produced just over 2,100 ounces of gold at a cost of nearly $2,300 per ounce.
Finnish metals group Outokumpu Oyj says it will slash 2,500 jobs worldwide in the next four years to cut costs by $455 million. The world's leading stainless steel maker says about a third of the job cuts will be applied this year, mostly in Germany, Sweden and Finland, in line with production capacity reductions and streamlining.
At least some of the failed rods are located beneath that cap and cannot easily be replaced, state transportation officials have said. Finding a fix for them could take weeks or even months, which could delay the planned Labor Day opening of the new span.
Arkansas is set to provide a new steel company with $125 million in financing and a package of tax breaks to build a mill in the northeast part of the state after the Legislature gave final approval to the plan on Tuesday. By an 81-9 vote, House lawmakers passed a Senate-approved budget bill to fund Gov. Mike Beebe's proposal.
Hypertherm has announced the release of new consumables for PerCut 210M and 450M torches, which are found on all new and upgraded Kjellberg HiFocus systems. According to the company, these Centricut consumables will match or surpass the equivalent Kjellberg version.
The state environment minister has called on a Brazilian steel company to immediately move around 750 people living near its plant in a Rio de Janeiro suburb. Soil there was found to contain up to 90 times the legal limit of toxic and potentially carcinogenic substances including lead and cadmium.
A Turkish company has announced plans to build a $148 million steel pipe-making plant near Houston. Gov. Rick Perry says about 250 jobs are expected to be created at the facility planned for Baytown. Perry on Tuesday announced Borusan Mannesmann will receive $1.6 million from the Texas Enterprise Fund in support of the project.
The California Department of Transportation said officials originally discovered that 32 of the 96 rods that have been tightened on the $6.4 billion span snapped two weeks ago. The rods, which are essentially giant bolts, are being used to connect steel earthquake safety devices called shear keys to the bridge's deck and a large concrete cap.
The Slovak government and U.S. Steel signed a deal Tuesday that will ensure the American company remains the owner of a steel mill employing thousands for at least five more years. The negotiations between U.S. Steel and the Slovak government have been going on for months. U.S. Steel has reportedly had purchase offers for the mill in the eastern city of Kosice.
A plume of hexavalent chromium, a metal used in industrial production that the Centers for Disease Control and Prevention calls a "well-established carcinogen," has spread under Garfield, putting about one-tenth of the city's homes — about 600 structures and 3,600 residents — at risk.
State economic development officials overestimated the long-term benefits of a proposal to help finance a $1.1 billion steel mill proposed in northeast Arkansas, because they didn't consider uncertainties surrounding the project, according to report released Thursday by a consultant that lawmakers hired.
The report released Thursday by the National Research Council urges new partnerships to tackle the problem of retiring Baby Boomers who cannot readily be replaced. That includes a retooling of higher education to produce more young people competent in science, technology, engineering and math.
The developer behind a planned $1.1 billion steel mill in northeast Arkansas says he hopes to break ground on the project this fall if everything goes as planned. The Legislature still needs to approve $125 million in state financing for the proposed Big River Steel mill to be built near Osceola.
Delaware environmental officials say new pollution control equipment installed at a Claymont steel mill will help reduce air pollution in the area. Officials gathered at Evraz Claymont Steel on Monday to tout the completion of the $16.75 million pollution control system.
Steel and elevator company ThyssenKrupp AG says its board chairman is stepping down. Seventy-year-old Gerhard Cromme will leave his post at the end of the month. He said Friday he was quitting to "support a renewal" of the company's top management.
At least 10 people were injured, three critically, in an explosion Thursday at a steel castings plant in southwestern Illinois, officials said. The blast happened shortly after 8 a.m. in the cleaning-and-finishing department at the American Steel Foundries plant in Granite City, just northeast of St. Louis.
The EU Commission said Wednesday that CEO Lakshmi Mittal agreed after talks with Industrial Commissioner Antonio Tajani late Tuesday to suspend all restructuring programs until the body publishes its plan to help Europe's steel industry this summer.
At a recent additive manufacturing, or 3D printing, showcase at Penn State, engineers demoed some of the latest technology in the field. Hear from experts about how 3D metal printing may change manufacturing in the United States, and what challenges it faces.
German steelmaker ThyssenKrupp says it will slash at least 2,000 jobs by 2015 as part of a cost-saving drive as the company copes with high commodity costs and the struggling European economy. Essen-based ThyssenKrupp Steel Europe says a further 1,800 jocbs may be lost as it sells parts of the company.