Friday, April 30, 2004
It's not steel, but it's another industry where the US trade gurus aren't acting like free traders ....
Yahoo! News - Canada claims victory in wood export row with US: "The lumber industry is a weighty political constituency in US states and Canadian provinces important for both leaders in looming election battles.
'This supports what Canada has been saying all along: Canadian softwood lumber exports do not threaten to injure US producers,' said Canadian International Trade Minister Jim Peterson in Washington. "
Yahoo! News - Canada claims victory in wood export row with US: "The lumber industry is a weighty political constituency in US states and Canadian provinces important for both leaders in looming election battles.
'This supports what Canada has been saying all along: Canadian softwood lumber exports do not threaten to injure US producers,' said Canadian International Trade Minister Jim Peterson in Washington. "
Stelco Inc. Investor Relations: "Mr. Gerstenberger is reported as saying that governments should not participate in Stelco's restructuring, criticizing any potential government assistance as an 'easy way out' of the Company's problems by using 'tax money to bail Stelco out'.
Courtney Pratt, Stelco President and CEO, said, 'We appreciate that Mr. Gerstenberger is acknowledging the extent of our problem. But we're puzzled why the representative of so many of our own employees would want to turn away possible sources of help - especially as it may relate to pensions. "
Courtney Pratt, Stelco President and CEO, said, 'We appreciate that Mr. Gerstenberger is acknowledging the extent of our problem. But we're puzzled why the representative of so many of our own employees would want to turn away possible sources of help - especially as it may relate to pensions. "
Labels: stelco
Wednesday, April 28, 2004
Yahoo! News - Industrial products distributor Samuel Manu-Tech more than doubles Q1 profits: "'We recognize, however, that such continued performance will be dependant upon the stabilization of pricing and availability of supply in the steel sector,' the company said. "
Tuesday, April 27, 2004
Ain't that a kick in the head? Yahoo! News - U.S. Mint Ups Coin Set Prices Due to Metal Cost Rise: "The U.S. Mint has increased the price for collector proof sets and American Eagle coins between $2 and $6 to reflect higher costs for silver, zinc, nickel and copper. The price hike marks the first time since 1998 that the Mint has boosted prices for collectibles. "
House of Representatives > Small Business Committee: "Manzullo outlined two bills the House passed last year to reduce the surging cost of health care for small business owners and their employees. Those bills, which would reform our country?s out-of-control medical liability system and which would allow small employers to purchase health insurance at group rates through national associations, have been blocked by Senate Democrats. The President has said he would sign both pieces of legislation into law."
Monday, April 26, 2004
Yahoo! News - Russel Metals posts record Q1 profits; boosts dividend by 10 per cent: "Russel Metals made a record first-quarter profit of $25.3 million. The metals distributor benefited from improved demand, steel surcharges and its Acier Leroux acquisition. "
Friday, April 23, 2004
Yahoo! News - Durable Goods Orders Up Sharply in March: "jumped 3.4 percent, well above the 0.8 percent gain that Wall Street analysts had been expecting. "
Stelco Inc. Investor Relations: "the atmosphere of mistrust that has developed over the years between Stelco management and its employees is a significant problem, which must be addressed if the restructuring is to proceed. "
Labels: stelco
Yahoo! News - Corus warns of iron ore shortages: "Mr Varin said 'it could be that we cannot produce as much [steel] as we would like to' on account of problems of gaining supplies of vital materials such as iron ore and coke.
Most steelmakers are experiencing the effects of tight supply of these commodities - including significant rises in their prices - partly because of high demand for steel in the booming Chinese economy. "
Most steelmakers are experiencing the effects of tight supply of these commodities - including significant rises in their prices - partly because of high demand for steel in the booming Chinese economy. "
Thursday, April 22, 2004
Yahoo! News - Steelmaker Nucor's Profit Up Sixfold: "first-quarter profit increased sixfold as it was able to pass along price increases on top of higher surcharges "
Yahoo! News - Stelco and unions must forge new relationship in restructuring: CEO Pratt: "Mistrust between Stelco Inc. and its unions must end before the insolvent steel producer can successfully restructure, the company's new chief executive said Thursday. "
Labels: stelco
Wednesday, April 21, 2004
Stelco Inc. CEO to address Empire Club of Canada : "Courtney Pratt, President and CEO of Stelco Inc., will address the Empire Club of Canada and will host a media availability session immediately thereafter.
Mr. Pratt's remarks will cover the changing steel industry and Stelco's current Court-supervised restructuring process. "
Mr. Pratt's remarks will cover the changing steel industry and Stelco's current Court-supervised restructuring process. "
Labels: stelco
Yahoo! News - Greenspan Tells Congress Rates Will Rise: "low, short-term interest rates will have to rise at some point"
Ariel CEO named to manufacturing council | mountvernonnews.com: "the appointment of Ariel Corp. Chief Executive Officer Karen Wright as vice chairwoman of a newly created Manufacturing Council. The council will allow manufacturers of all sizes to have input on national policies impacting their companies, Evans said."
Automotive Suppliers Support Frink as Manufacturing Secretary: "“Frink is a highly qualified candidate with a strong professional and personal record of involvement and success in advancing the cause of manufacturing throughout his career. His leadership and success in the carpet industry makes his nomination a wise choice,” Bates added. "
Governor vetoes factory czar job - 04/16/04: "The state already has Department of Labor and Economic Growth Director David Hollister and Michigan Economic Development Corp. President and CEO Don Jakeway working on improving the struggling manufacturing sector, which has lost 170,000 jobs since 2000, she said.
“The Legislature should not waste taxpayer dollars repeatedly passing legislation, knowing it will be vetoed, ordering me do to something that I effectively did long ago,” Granholm said Tuesday in her veto letter to the Michigan Senate. "
“The Legislature should not waste taxpayer dollars repeatedly passing legislation, knowing it will be vetoed, ordering me do to something that I effectively did long ago,” Granholm said Tuesday in her veto letter to the Michigan Senate. "
Inco reports results for first quarter of 2004: "Inco enjoyed a strong first quarter for 2004 as a result of high metal prices and improved nickel production and deliveries. Nickel production increased by 15 per cent and Inco-source nickel deliveries grew by 19 per cent for the quarter compared with the first quarter of 2003. We are on track to hit our highest annual nickel production levels in nearly thirty years. With strong nickel markets currently expected to continue for the foreseeable future, we anticipate that 2004 will be an excellent year for Inco."
Labels: nickel
Friday, April 16, 2004
Yahoo! News - China Sees Inflationary Pressure Rising: "Chinese leaders worry that overinvestment by companies in such industries as steel could set off inflation after years of declining prices. They also worry that a sharp increase in spending on factories and real estate could lead to a collapse later. "
Thursday, April 15, 2004
Yahoo! News - Alcoa to Shutter San Antonio Plant: "Aluminum giant Alcoa Inc. will shut down its plant in San Antonio later this year, eliminating 175 jobs.
The layoffs will begin in September, and the plant will cease operations by year's end because of a glut of rolled aluminum on the market, Alcoa said this week. "
The layoffs will begin in September, and the plant will cease operations by year's end because of a glut of rolled aluminum on the market, Alcoa said this week. "
Yahoo! News - Weirton Steel Board Picks Buyout by ISG: "The vote sets the stage for a final hearing in U.S. Bankruptcy Court on Tuesday, where a judge could approve the sale and make ISG the nation's largest integrated steelmaker. "
Kansas City Star | 04/15/2004 | Steel hardens bonds forged Sept. 11: "Three hunks of World Trade Center steel, scorched and bent, sit in a storage lot in the wheat-country Kansas town of Anthony. Townspeople want to make a memorial out of the squat, heavy beams, and the reasons go deep.
It's safe to say that following the 2001 terrorist attacks, Anthony forged some of the strongest personal bonds between New York and the hinterland."
It's safe to say that following the 2001 terrorist attacks, Anthony forged some of the strongest personal bonds between New York and the hinterland."
Wednesday, April 14, 2004
Yahoo! News - Weirton Steel Fate Still Uncertain: "Workers at bankrupt Weirton Steel Corp. will have to wait another week for word on who will soon own their mill as a court-supervised auction is over but a winner still undeclared. "
Tuesday, April 13, 2004
Yahoo! News - March Retail Sales Log Unexpectedly Big Rise: "The Commerce Department said retail sales rose an unexpectedly sharp 1.8 percent in March, the biggest gain since March 2003. Excluding cars and trucks, sales gained 1.7 percent, that category's best performance since March 2000.
Wall Street analysts had expected both figures to advance a smaller 0.6 percent.
February sales were also revised upward, to a 1.0 percent increase from the previously reported 0.7 percent gain. February ex-auto sales were raised to a 0.6 percent advance from a previously reported flat reading. "
Wall Street analysts had expected both figures to advance a smaller 0.6 percent.
February sales were also revised upward, to a 1.0 percent increase from the previously reported 0.7 percent gain. February ex-auto sales were raised to a 0.6 percent advance from a previously reported flat reading. "
Yahoo! News - ISG, Creditors Bid for Control of Weirton: "The auction began about four-and-a-half hours after its scheduled 10 a.m. start and was expected to continue into the evening.
'Auction is probably not a good word although that's the legal word for it. It's more of a negotiation. It's a lengthy process but it will get done,' Weirton spokesman Gregg Warren said. "
'Auction is probably not a good word although that's the legal word for it. It's more of a negotiation. It's a lengthy process but it will get done,' Weirton spokesman Gregg Warren said. "
Yahoo! News - China Pledges More Efforts to Ward Off Inflation: "Regulators fear that excessive lending by commercial banks is supporting booms in real estate development and in certain industries - such as auto manufacturing, steel and aluminum - that could lead to supply gluts and trigger a financial crisis.
Outstanding bank loans have already grown by more than 20 percent so far this year from last year. "
Outstanding bank loans have already grown by more than 20 percent so far this year from last year. "
Monday, April 12, 2004
Yahoo! News - Soaring Steel Prices May Cost Consumers: "American consumers eventually will pay more for automobiles, refrigerators and even roller coaster rides. "
Friday, April 09, 2004
Yahoo! News - New Manufacturing Czar Nominee Tapped: "the administration will nominate Al Frink as assistant commerce secretary of manufacturing and services.
Frink is a Hispanic businessman who owns Fabrica International in Orange County, Calif., a company that manufactures carpets and rugs.
'Al's extensive background as a manufacturer makes him a great candidate to serve because he has walked in their shoes and knows firsthand the barriers that are challenging American manufacturers' "
Frink is a Hispanic businessman who owns Fabrica International in Orange County, Calif., a company that manufactures carpets and rugs.
'Al's extensive background as a manufacturer makes him a great candidate to serve because he has walked in their shoes and knows firsthand the barriers that are challenging American manufacturers' "
Thursday, April 08, 2004
Yahoo! News - Senate Sends Pensions Relief Bill to Bush: "The 78-19 vote on the pension relief bill came just a week before many quarterly payments [were due. M]illions of dollars that would have had to go into pension funds can be diverted to more immediately productive activities.
'This is tremendous news for our members,' said Dorothy Coleman, vice president for tax policy at the National Association of Manufacturers.
The legislation would reformulate over the next two years how companies calculate their pension contributions, replacing an outdated formula with one that more accurately reflects current interest rates. It is backed by both companies and unions. "
'This is tremendous news for our members,' said Dorothy Coleman, vice president for tax policy at the National Association of Manufacturers.
The legislation would reformulate over the next two years how companies calculate their pension contributions, replacing an outdated formula with one that more accurately reflects current interest rates. It is backed by both companies and unions. "
Yahoo! News - Senate Set to Pass Pension Relief Bill: "Struggling airlines and steel companies, along with Greyhound Lines buses, also get some temporary relief from payments needed to replenish underfunded pension plans. "
The House Committee on Small Business: "President Bush today signed into law legislation to enhance the Small Business Administration's 7(a) loan guarantee program"
Wednesday, April 07, 2004
Yahoo! News - Creditors Counter ISG's Bid for Weirton: "The Informal Committee of Secured Noteholders, collectively owed some $118 million, offered the minimum amount required to beat ISG's offer of $255 million. "
Monday, April 05, 2004
Yahoo! News - U. of Akron Hosts Concrete Canoe Race: "The contest gives students a chance to see engineering principles at work. The concrete canoe illustrates the rule that even extremely heavy objects float, as long as they displace more than their weight in water.
The stone boats looked like any other canoe, but ranged in weight from 130 to more than 200 pounds. A typical fiberglass or aluminum model weighs about a third of that.
The goal is to build a lighter, faster canoe, Gentner said. "
The stone boats looked like any other canoe, but ranged in weight from 130 to more than 200 pounds. A typical fiberglass or aluminum model weighs about a third of that.
The goal is to build a lighter, faster canoe, Gentner said. "
Sunday, April 04, 2004
Yahoo! News - Appliance Makers Offsetting Steel Costs: "'We're paying more for stainless steel and we're passing some of those costs on to consumers,' "
Saturday, April 03, 2004
Yahoo! News - House Passes Pension Bill, But Fate Uncertain: "The United Auto Workers union has written to lawmakers urging them to pass the proposal, and to revisit multi-employer plan aid in other legislation"
Friday, April 02, 2004
USATODAY.com - Safety expert reveals softer side of steel: "Sicking entered the racing world in 1998 when the Indy Racing League approached him about developing walls that would diminish the danger of crashes. "
The Canada Border Services Agency imposes provisional duty on certain stainless steel wire: "The preliminary results of the investigation show that imports of stainless steel wire were dumped into Canada by amounts that averaged 108% for imports from the Republic of Korea, and Switzerland, and 100% for imports from the United States. "
Yahoo! News - US House OKs Billions in Pension Aid for Companies: "$1.6 billion in extra aid for a handful of steel companies and major U.S. airlines.
But the outlook is shaky for the measure in the Senate. "
But the outlook is shaky for the measure in the Senate. "
Yahoo! News - After the Bell: Schnitzer Steel Jumps: "Schnitzer Steel Industries Inc. recycles and exports scrap steel. The company said its quarterly profit more than doubled due to strong demand in Asia and the domestic market. "
Yahoo! News - Companies Add Jobs, but Unemployment Up: "For the first time in 44 months, the nation's factories did not shed jobs"
Thursday, April 01, 2004
Yahoo! News - US House-Senate Panel Votes Pension Accord: "negotiators writing a final version of a pension bill agreed to provide about $80 billion in pension relief for U.S. companies by changing a formula for contributions.
The lawmakers, reconciling House and Senate bills, also agreed there should be another $1.6 billion in extra aid for major airlines and steel companies.
Democrats warned the accord was unlikely to pass the closely divided Senate. "
The lawmakers, reconciling House and Senate bills, also agreed there should be another $1.6 billion in extra aid for major airlines and steel companies.
Democrats warned the accord was unlikely to pass the closely divided Senate. "
