Reliance Steel & Aluminum Co. is buying Metals USA Holdings Corp. for about $766.1 million. Reliance said Wednesday that it will pay $20.65 per Metals USA share. That's a 13 percent premium to Tuesday's closing price of $18.30. The companies put the deal's total value at around $1.2 billion.
Charges related to its ailing European business and a drop in the value of its assets saw ArcelorMittal SA, the world's largest steel maker, post a near $4 billion loss for the fourth quarter. The company, based in Luxembourg, said Wednesday its net loss widened to $3.99 billion (€2.94 billion) from $1 billion in the same period a year ago.
Recently, the health risks associated with cadmium exposure has led to increased public attention. For example, in 2010, Wal-Mart and other retailers recalled toy jewelry found to contain high levels of the substance, while that same year McDonalds recalled 12 million collectable drinking glasses after cadmium-containing paint was discovered in the glassware.
The U.S. Department of Labor’s Occupational Safety and Health Administration announced a citation and proposed fine of $274,500 for Grede Wisconsin Subsidiaries LLC due to 28 health violations. OSHA says the company is a three-time violator of rules against exposing workers to crystalline silica dust.
The wraps came off Arkansas' largest ever economic development project Tuesday as Gov. Mike Beebe unveiled plans for a $1.1 billion steel mill along the Mississippi River that private investors are poised to build -- so long as legislators approve millions in startup funding.
The 12,000 sq. ft. facility houses the company’s engineering, sales and service staff with on-site resource for machining, fabrication and assembly. Additionally, the new facility houses three Reika rotary head tube/pipe cutting machines that are available for demonstration, prototype and volume production.
Six Belgian police officers have been injured in scuffles with some 2,000 steel workers protesting plans to lay off 1,300 workers at several plants in Liege. Workers seeking to get close to the regional government offices in southern Namur threw bricks at police. Authorities responded with tear gas and water cannon.
When we heard the news that President Obama was ready to name his replacement for U.S. Treasury Secretary Timothy F. Geithner, we recalled the day last spring when Mr. Geithner visited our factory in Baltimore. He was pleased that we were growing in a bad economy and exporting to 36 nations in contrast to the grim picture of American manufacturing losing out to cut-rate competitors overseas.
The facility, previously operated by Material Sciences Corp., was purchased in June 2010 for $4.9 million in cash and has since been substantially revamped and modernized to become state-of-the-art. The opening represents the extension of NCI’s coil coating operations into the upper Midwest and Northeast.
The world's leading steel and mining company ArcelorMittal said Thursday it will close a coke plant and six production lines in Belgium, in a move that threatens 1,300 jobs. ArcelorMittal Liege CEO Bernard Dehut said lack of orders and an ailing European economy have made it "increasingly apparent that further action is required" in order to stem the continued losses in Liege.
An Italian steel executive turned himself into British authorities on Tuesday after being placed under investigation in Italy over environmental and health problems at Europe's largest steel mill — a case that has become a major headache for the government given the 20,000 jobs at risk if the plant closes.
Copper miner Inmet Mining Corp. is in talks with several parties who may help it fend off a $5.1-billion hostile takeover by First Quantum Minerals and is urging shareholders to reject First Quantum's bid. Inmet said Tuesday discussions are ongoing with several unidentified interested parties.
Wisconsin Oven designed and manufactured anelectrically heated draw batch oven with a manual quench tank to solution treat aluminum rivets for the Aerospace industry. The custom solution treats the aluminum rivets by placing a basket of parts in a preheated oven to soak them at the specified temperature, and then manually opens the door and pulls the basket out onto the quench table to rapidly drop them into the ambient quench water.
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.