Through its mining division Severstal Resources, OAO Severstal announced that the offer by 7027940 Canada Limited, an affiliate of Severstal, to purchase the outstanding common shares of PBS Coals Limited (formerly, Penfold Capital Acquisition Corporation)(TSX: PBS) expired at 11:59 p.m. on October 24, 2008.
In order to resolve outstanding matters between PBS Coals Limited and the [...]
The Timken Company announced today that it is providing industrial services to Sparrows Point, a fully integrated steel mill based in Baltimore.
As a full-service supplier to Sparrow’s Point, Timken performs bearing repair, chock repair, roll repair and other lifecycle services for the steel producer. Timken provides service on approximately 50 different bearing part numbers for [...]
Through its mining division Severstal Resources, OAO Severstal announced that it intends to acquire the business of PBS Coals Corporation by way of an acquisition of Penfold Capital Acquisition Corporation following a business combination of PBS and Penfold for an all cash purchase price of C$8.30 per share, implying an enterprise value of US$1.3 [...]
Esmark Incorporated announced the completion of its acquisition by OAO Severstal. The acquisition was completed pursuant to the merger of Severstal Wheeling Acquisition Corp., a wholly-owned subsidiary of Severstal, with and into Esmark. Esmark was the surviving corporation of the merger and is now an indirect, wholly-owned subsidiary of Severstal and has been renamed “Severstal [...]
Cleveland-Cliffs Inc and Alpha Natural Resources, Inc. announced that each company’s Board of Directors has approved a definitive merger agreement under which Cleveland-Cliffs will acquire all outstanding shares of Alpha in a cash and stock transaction valued at approximately $10 billion.
Under the terms of the agreement, for each share of Alpha common stock, Alpha [...]
Terra Nostra Resources Corporation (OTCBB: TNRO) a majority owner of two joint venture companies in the copper and stainless steel industries in China, is pleased to announce the appointments of Mr. Nai Biao Zhai as General Manager of Shandong Quanxin Stainless Steel Co Ltd. (SQSS) and Mr. Bao Dong Han as General Manager of Shandong [...]
AUSTRALIAN iron ore producers, arguing for a freight premium to be included in this year’s contract prices with reluctant Chinese steelmakers, are expected to shrug off the emergence of a new iron ore exchange market created by Deutsche Bank and Credit Suisse.
The exchange gives smaller Chinese steel producers a chance to hedge their costs in [...]
OAO Severstal, one of the world’s leading metals and mining companies, today announced that it has reached a binding agreement to purchase WCI Steel, a market leader in the production of value-added steel products based in Warren, Ohio.
According to the terms of the agreement, Severstal will acquire all outstanding equity of WCI for a total [...]
The union government on Thursday decided to call a meeting of country’s iron ore producers next week to discuss problems faced by the sector.
Speaking to reporters here, Commerce Secretary G.K. Pillai said: “We have called a meeting of the iron ore producers on 1st April. We will persuade them to reduce prices and any hike [...]
Against a backdrop of rising iron ore prices, Brazilian steel producers should maintain high profit margins relative to their global peers during 2008, according to Fitch Ratings. Brazilian steel companies enjoy important competitive advantages, including modern production facilities, close proximity to sources of iron ore and a highly concentrated domestic market, which limits competition based [...]
