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By Allison Connolly and Allison Connolly,SUN REPORTER | February 5, 2008
Representatives from AK Steel Holding Corp., one of the few American steel companies left after years of industry consolidation, were set to tour the steel mill at Sparrows Point as early as yesterday, according to a memo sent to workers, as federal officials again prepare the plant for sale. The West Chester, Ohio-based company did not return telephone calls yesterday seeking comment about whether it is considering a bid for the steel mill or to confirm if representatives had visited the plant.
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BUSINESS
By Allison Connolly and Allison Connolly,SUN REPORTER | February 5, 2008
Representatives from AK Steel Holding Corp., one of the few American steel companies left after years of industry consolidation, were set to tour the steel mill at Sparrows Point as early as yesterday, according to a memo sent to workers, as federal officials again prepare the plant for sale. The West Chester, Ohio-based company did not return telephone calls yesterday seeking comment about whether it is considering a bid for the steel mill or to confirm if representatives had visited the plant.
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BUSINESS
By BLOOMBERG NEWS | February 7, 2003
CHICAGO - AK Steel Holding Corp. won a bankruptcy judge's designation as lead bidder for the assets of National Steel Corp., a week after offering to pay $1.13 billion. U.S. Bankruptcy Judge John Squires' decision means that any competitor would have to top the offer by $17 million, including a $15 million breakup payment to AK Steel, at an April 1 auction. The offer, which exceeded a competing bid by U.S. Steel Corp., requires AK Steel to negotiate a collective-bargaining agreement with the United Steelworkers of America by March 17. `A lot of work to do' "AK Steel has a lot of work to do with the union," said Timothy Pohl of Skadden, Arps, Slate, Meagher & Flom, an attorney for National Steel.
BUSINESS
March 1, 2007
Nation: Labor AK Steel reaches Ohio agreement AK Steel Holding Corp. said yesterday it has reached a tentative settlement with union workers at its Middletown Works plant in Ohio, ending a year-old lockout fought over the steelmaker's demands for lower labor costs. Leaders of the Machinists union weren't immediately available for comment on the deal, which comes on the lockout's anniversary. The company has continued to operate the mill with replacement workers and salaried employees, and union membership has dwindled from about 2,700 a year ago to just over 1,700 because of retirements and resignations.
BUSINESS
By BLOOMBERG NEWS | January 24, 2003
MIDDLETOWN, Ohio - AK Steel Holding Corp. made a $1.02 billion bid yesterday for National Steel Corp., $175 million more than U.S. Steel Corp. offered for the bankrupt company two weeks ago. AK Steel's offer includes $825 million in cash. Each proposal includes the assumption of $200 million in liabilities and would have to be approved by creditors and a bankruptcy court. "The creditors make an effort to get a bidding war started where emotions take over," said Martin Zohn, a bankruptcy attorney with Proskauer Rose LLP who has been involved with steel bankruptcies.
BUSINESS
By Gregory J. Wilcox and Gregory J. Wilcox,LOS ANGELES DAILY NEWS | October 12, 2003
SIMI VALLEY, Calif. - Ed and Madeleine Landry's sprawling, soaring, mountainside-hugging house is steeled against the elements. Built around a steel frame, it will withstand earthquakes, wildfires and just about anything else nature can dish out. The 11,000-square-foot house includes a 1,600-square-foot guest house. "What we ended up with is probably a house that is as earthquake-resistant as possible," Ed Landry said of the airy steel palace on the family's 130-acre mountain site with sweeping views of Simi Valley.
BUSINESS
By BLOOMBERG NEWS | April 22, 2003
CHICAGO - National Steel Corp. won bankruptcy court approval yesterday to sell its assets to U.S. Steel Corp. for $1.05 billion in cash and assumed debt. U.S. Steel's bid was chosen last week after a two-day auction over a higher offer by AK Steel Holding Corp. Unlike AK Steel, U.S. Steel had already negotiated a collective-bargaining agreement with the Steelworkers union. The acquisition of National Steel's assets approved by Bankruptcy Judge John H. Squires after a hearing yesterday in Chicago will help U.S. Steel secure its position as the biggest U.S.-based steelmaker.
BUSINESS
March 1, 2007
Nation: Labor AK Steel reaches Ohio agreement AK Steel Holding Corp. said yesterday it has reached a tentative settlement with union workers at its Middletown Works plant in Ohio, ending a year-old lockout fought over the steelmaker's demands for lower labor costs. Leaders of the Machinists union weren't immediately available for comment on the deal, which comes on the lockout's anniversary. The company has continued to operate the mill with replacement workers and salaried employees, and union membership has dwindled from about 2,700 a year ago to just over 1,700 because of retirements and resignations.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | June 1, 2001
Feeling the crush of rising imports and falling prices, struggling Bethlehem Steel Corp. said yesterday that it will cut 140 salaried employees - 5 percent of its nonunion work force - by the end of August and look for additional ways to conserve cash. The Pennsylvania steel maker, which employs nearly 4,000 at its Sparrows Point plant in Baltimore County, has already cut more than 700 salaried positions since the start of last year in an attempt to trim costs and streamline operations.
BUSINESS
By BLOOMBERG NEWS | July 13, 2002
WASHINGTON - The United States will raise import quotas for Russian raw steel by 200,000 tons this year, positioning that nation's slab-steel producers to get a bigger market share than they had before tariffs were imposed in March. The higher quota for slab steel, which is heated and rolled into finished steel, will mean $50 million in added sales for Russian steelmakers. It will help offset the estimated $500 million in sales that the Russian companies will lose with the tariffs on finished steel.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | November 29, 2003
International Steel Group Inc., which bought Bethlehem Steel Corp. in May, hopes to raise as much as $414 million in what could be the first initial public stock offering by a major domestic steelmaker in nearly a decade. In a filing with the Securities and Exchange Commission on Wednesday, ISG said it plans to use the proceeds of the sale to pay down debt incurred from its $1.5 billion acquisition of Bethlehem. ISG took ownership of the Sparrows Point steel mill in Baltimore County as part of the acquisition.
BUSINESS
By Gregory J. Wilcox and Gregory J. Wilcox,LOS ANGELES DAILY NEWS | October 12, 2003
SIMI VALLEY, Calif. - Ed and Madeleine Landry's sprawling, soaring, mountainside-hugging house is steeled against the elements. Built around a steel frame, it will withstand earthquakes, wildfires and just about anything else nature can dish out. The 11,000-square-foot house includes a 1,600-square-foot guest house. "What we ended up with is probably a house that is as earthquake-resistant as possible," Ed Landry said of the airy steel palace on the family's 130-acre mountain site with sweeping views of Simi Valley.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | August 2, 2003
International Steel Group Inc., which bought Bethlehem Steel Corp. in May, is hoping to raise $250 million in what could be the first initial public offering of a major domestic steelmaker in nearly a decade. Cleveland-based ISG, the second-largest steelmaker in the country, plans to use proceeds from an IPO to pay down debt related to its $1.5 billion acquisition of Bethlehem, according to a filing with the Securities and Exchange Commission. A date for the IPO has not been set. An ISG spokesman declined to comment yesterday while the Securities and Exchange Commission is reviewing the IPO filing.
BUSINESS
By BLOOMBERG NEWS | April 22, 2003
CHICAGO - National Steel Corp. won bankruptcy court approval yesterday to sell its assets to U.S. Steel Corp. for $1.05 billion in cash and assumed debt. U.S. Steel's bid was chosen last week after a two-day auction over a higher offer by AK Steel Holding Corp. Unlike AK Steel, U.S. Steel had already negotiated a collective-bargaining agreement with the Steelworkers union. The acquisition of National Steel's assets approved by Bankruptcy Judge John H. Squires after a hearing yesterday in Chicago will help U.S. Steel secure its position as the biggest U.S.-based steelmaker.
BUSINESS
By BLOOMBERG NEWS | February 7, 2003
CHICAGO - AK Steel Holding Corp. won a bankruptcy judge's designation as lead bidder for the assets of National Steel Corp., a week after offering to pay $1.13 billion. U.S. Bankruptcy Judge John Squires' decision means that any competitor would have to top the offer by $17 million, including a $15 million breakup payment to AK Steel, at an April 1 auction. The offer, which exceeded a competing bid by U.S. Steel Corp., requires AK Steel to negotiate a collective-bargaining agreement with the United Steelworkers of America by March 17. `A lot of work to do' "AK Steel has a lot of work to do with the union," said Timothy Pohl of Skadden, Arps, Slate, Meagher & Flom, an attorney for National Steel.
BUSINESS
By BLOOMBERG NEWS | January 24, 2003
MIDDLETOWN, Ohio - AK Steel Holding Corp. made a $1.02 billion bid yesterday for National Steel Corp., $175 million more than U.S. Steel Corp. offered for the bankrupt company two weeks ago. AK Steel's offer includes $825 million in cash. Each proposal includes the assumption of $200 million in liabilities and would have to be approved by creditors and a bankruptcy court. "The creditors make an effort to get a bidding war started where emotions take over," said Martin Zohn, a bankruptcy attorney with Proskauer Rose LLP who has been involved with steel bankruptcies.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | November 29, 2003
International Steel Group Inc., which bought Bethlehem Steel Corp. in May, hopes to raise as much as $414 million in what could be the first initial public stock offering by a major domestic steelmaker in nearly a decade. In a filing with the Securities and Exchange Commission on Wednesday, ISG said it plans to use the proceeds of the sale to pay down debt incurred from its $1.5 billion acquisition of Bethlehem. ISG took ownership of the Sparrows Point steel mill in Baltimore County as part of the acquisition.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | August 2, 2003
International Steel Group Inc., which bought Bethlehem Steel Corp. in May, is hoping to raise $250 million in what could be the first initial public offering of a major domestic steelmaker in nearly a decade. Cleveland-based ISG, the second-largest steelmaker in the country, plans to use proceeds from an IPO to pay down debt related to its $1.5 billion acquisition of Bethlehem, according to a filing with the Securities and Exchange Commission. A date for the IPO has not been set. An ISG spokesman declined to comment yesterday while the Securities and Exchange Commission is reviewing the IPO filing.
BUSINESS
By BLOOMBERG NEWS | July 13, 2002
WASHINGTON - The United States will raise import quotas for Russian raw steel by 200,000 tons this year, positioning that nation's slab-steel producers to get a bigger market share than they had before tariffs were imposed in March. The higher quota for slab steel, which is heated and rolled into finished steel, will mean $50 million in added sales for Russian steelmakers. It will help offset the estimated $500 million in sales that the Russian companies will lose with the tariffs on finished steel.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | June 1, 2001
Feeling the crush of rising imports and falling prices, struggling Bethlehem Steel Corp. said yesterday that it will cut 140 salaried employees - 5 percent of its nonunion work force - by the end of August and look for additional ways to conserve cash. The Pennsylvania steel maker, which employs nearly 4,000 at its Sparrows Point plant in Baltimore County, has already cut more than 700 salaried positions since the start of last year in an attempt to trim costs and streamline operations.
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