http://www.metalcenternews.com RSS feeds for Metal Center News 60 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8794/DiMicco-to-Step-Down-as-Nucor-CEO-Replaced-by-Ferriola.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8794 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8794&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8794/DiMicco-to-Step-Down-as-Nucor-CEO-Replaced-by-Ferriola.aspx Nov. 28, 2012 DiMicco to Step Down as Nucor CEO, Replaced by Ferriola Dan DiMicco will relinquish the duties of chief executive officer of Nucor Corp. after 12 years in the position. He will be replaced by current president and chief operating officer John Ferriola. DiMicco, who guided Nucor through one of its most profitable growth periods, will remain as executive chairman of the Charlotte, N.C.-based minimill company. The change will be effective Jan. 1. "Dan DiMicco has been one of the nation's outstanding CEOs. I believe one of his most remarkable and lasting achievements was his ability to retain and strengthen Nucor's unique culture, even as Nucor's strategy evolved,” says Peter C. Browning, Nucor's lead independent director. Ferriola joined Nucor in 1992 as manager of maintenance and engineering at the company's Jewett, Texas, bar mill. He has risen steadily through the ranks, serving as general manager of three divisions before becoming an executive vice president in 2002 and chief operating officer of steelmaking operations in 2007. "I am honored to be given the opportunity to lead the tremendous team we've assembled," Ferriola says. "We have many challenges in front of us, as we continue to work safely and take care of our customers. I am extremely excited about the impressive work being done by our team to significantly grow Nucor's earnings platform well into the future." "Nucor couldn't be in better hands. I'm very confident in the ability of John and the rest of our management team to take on our current and future challenges and to lead the company's continual growth in the coming years. For the board and me, it has been absolutely critical for the next Nucor CEO to come from within, and nothing brings me greater satisfaction than for John to be CEO going forward," DiMicco says. Wed, 28 Nov 2012 02:54:00 GMT f1397696-738c-4295-afcd-943feb885714:8794 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8793/Optima-Acquires-Kentucky-Electric-Steel.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8793 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8793&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8793/Optima-Acquires-Kentucky-Electric-Steel.aspx Nov. 28, 2012 Optima Acquires Kentucky Electric Steel Optima Specialty Steel Inc., Miami, will acquire 100 percent of Kentucky Electric Steel in a transaction expected to close next month. KES is a value-added manufacturer of special bar quality and merchant bar quality flat steel products. KES, which operates a minimill in Ashland, Ky., produces more than 2,600 different flat bar items. Its chief end markets include the leaf-spring suspension market for light and heavy-duty trucks, minivans and other vehicles, plus cold-drawn bar converters and service centers, among others. KES has been a supplier to Optima Specialty Steel and will contribute to Optima's long-term goals, along with Optima's wholly owned subsidiaries Niagara LaSalle Corp. and Michigan Seamless Tube LLC, officials say. Niagara LaSalle is a specialty steel processor and a manufacturer of high-quality engineered cold-finished steel bars. MST is a specialty steel processor and a manufacturer of precision-tolerance, cold-drawn seamless tubes. "KES fits perfectly into Optima Specialty Steel's long-term strategy of building a leading specialty steel producer that delivers the best steel products to our customers. Optima Specialty Steel, its management team and employees are delighted by this opportunity to continue to solidify its position in the specialty steel industry and to strengthen relationships with customers and suppliers," says Kevin Stevick, CEO and president of Optima Specialty Steel. Wed, 28 Nov 2012 02:51:00 GMT f1397696-738c-4295-afcd-943feb885714:8793 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8792/Corrosion-Materials-Relocates-in-Houston.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8792 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8792&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8792/Corrosion-Materials-Relocates-in-Houston.aspx Nov. 28, 2012 Corrosion Materials Relocates in Houston Corrosion Materials has relocated its Houston facility to a larger building. Corrosion Materials has served its customer base from a facility in Northwest Houston, but will now work out of a new, purpose-built, 30,000-square foot plant on Cutten Road, near Interstate 249 and Beltway 8. The move will allow Corrosion Materials, a distributor of corrosion-resistant alloys, to expand its inventory to include sheet, pipe, flanges and fittings to better serve the needs of the local process industries. In addition to stock, production capabilities also have been increased, making it easier to accommodate same-day service and emergency maintenance requests, company officials say. Wed, 28 Nov 2012 02:47:00 GMT f1397696-738c-4295-afcd-943feb885714:8792 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8791/Bushwick-Expands-Processing-Services.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8791 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8791&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8791/Bushwick-Expands-Processing-Services.aspx Nov. 28, 2012 Bushwick Expands Processing Services Bushwick Metals LLC, Bridgeport, Conn., has added several new value-added services to its offerings. The company will now offer precision T-splitting and straightening using a rotary shear and straightening equipment to provide an alternative to traditional flame-cutting. Additionally, Bushwick, a Marmon/Keystone company, has added the capability to produce rolled products. Tubing, pipe, channels and angles can be rolled with a radius bent to customer specifications. These services are available at all Bushwick Metals locations. At its Tarco Steel division in Binghamton, N.Y., rebar fabrication has been introduced to supplement the existing straight and cut rebar business currently offered across all Bushwick Metals locations. Using a shear line, benders and automatic stirrup benders, Tarco offers shop drawings, placement drawings, placement accessories and a cut and bent product to meet customers’ needs in the New York and New England regions. Wed, 28 Nov 2012 02:44:00 GMT f1397696-738c-4295-afcd-943feb885714:8791 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8790/Olympic-Sales-Profits-Decline-in-Third-Quarter.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8790 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8790&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8790/Olympic-Sales-Profits-Decline-in-Third-Quarter.aspx Nov. 28, 2012 Olympic Sales, Profits Decline in Third Quarter Net sales and income dipped for Olympic Steel during the company's third quarter. The Cleveland-based service center company reported net sales of $342.6 million, down 1.7 percent from the same period in 2011 and 6.7 percent from the previous quarter. Net income during the third quarter totaled $1.6 million, down from the $6.1 million reported in the year-ago quarter and the $4.5 million in the previous quarter. For the year to date, Olympic's net sales increased 15.9 percent to $1.1 billion, in large part due to the July 2011 acquisition of Chicago Tube & Iron Company. Net income for the first nine months declined almost 50 percent to $12.4 million. "Margin pressure persisted during the third quarter and nine-month period, reflecting lower steel pricing versus the prior year's comparable periods. In addition, higher operating expenses—primarily associated with ongoing expansion projects—were incurred during the current year," said Chairman and CEO Michael D. Siegal during the company’s quarterly conference call with investors and analysts. Third-quarter and nine-month tonnage volumes improved for the company's flat-rolled, tubular and pipe products, partially offsetting the lower margins. "The growth in tonnage volume resulted in an uptick in Olympic Steel's market share during the third quarter and is indicative of the commitment to customer satisfaction and reliably providing high-quality products. As we look toward the end of the current year and into 2013, we believe steel prices will remain volatile. We look forward to focusing on things within our control, such as successfully concluding our capital projects and increasing cash flow," Siegal said. Wed, 28 Nov 2012 02:40:00 GMT f1397696-738c-4295-afcd-943feb885714:8790 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8789/Steel-Aluminum-Shipments-Stop-Free-Fall-in-October.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8789 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8789&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8789/Steel-Aluminum-Shipments-Stop-Free-Fall-in-October.aspx Nov. 28, 2012 Steel, Aluminum Shipments Stop Free Fall in October The slowdown in steel and aluminum shipments through the late summer eased in October in both the United States and Canada, according to the latest Metals Activity Report from the Metals Service Center Institute, Rolling Meadows, Ill. Steel shipments were up slightly in the United States and down modestly in Canada. Aluminum shipments returned to double-digit growth in Canada, though they fell slightly in the United States. U.S. service centers shipped 3.5 million tons of steel products in October, an increase of 3.9 percent from the same month last year. For the year to date, service center steel shipments totaled 35.6 million tons, up 3.4 percent from the same period in 2011. Steel product inventories totaled 8.4 million tons at the end of October, an increase of 0.8 percent over the same month a year ago, but a decrease of 3.6 percent from September. At October shipping rates, that represented 2.4 months of supply, a decrease of 3.0 percent from a year ago. U.S. distributors shipped 125,000 tons of aluminum products in October, down 2.3 percent from the same month in 2011. Year-to-date aluminum shipments totaled 1.3 million tons, up 1.2 percent from the first 10 months of 2011. Inventories of aluminum products totaled 371,800 tons at the end of October, an increase of 3.8 percent over October 2011, but down 1.3 percent from September. At October shipping rates, that represented 3.0 months of supply, an increase of 6.3 percent from a year ago. Canadian service centers shipped 523,400 tons of steel products in October, a decrease of 1.1 percent from the same month last year. For the year to date, service center steel shipments totaled 5.3 million tons, down 1.0 percent from the same period in 2011. Inventories totaled nearly 1.7 million tons at the end of October, an increase of 11.2 percent from the same month last year, and up 1.4 percent from September. At October shipping rates, that represented 3.2 months supply, an increase of 12.5 percent from a year ago. Canadian distributors shipped 14,000 tons of aluminum products in October, an increase of 13.6 percent from the same month in 2011. Year-to-date aluminum shipments totaled 135,500 tons, an increase of 9.6 percent from the first 10 months of last year. Inventories of aluminum products totaled 39,600 tons at the end of October, an increase of 8.9 percent from October a year ago, and up 0.7 percent from September. At October shipping rates, that represented 2.8 months of supply, a decrease of 4.1 percent from a year ago. Wed, 28 Nov 2012 02:34:00 GMT f1397696-738c-4295-afcd-943feb885714:8789 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8788/Whats-Your-Outlook-for-2013.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8788 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8788&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8788/Whats-Your-Outlook-for-2013.aspx Nov. 28, 2012 What's Your Outlook for 2013? Metal Center News invites you to participate in the industry’s most comprehensive research study: Service Center Outlook 2013. Readers may fill out and mail back the paper questionnaire polybagged with the November print edition of the magazine or click the following link to fill it out online: www.research.net/s/SCO2013 This is the only survey MCN will conduct for 2013, so please respond to this one-time request and share your views today. In appreciation for your time, MCN will make a $1 donation to the American Center Society. Service Center Outlook 2013 results will be published in MCN's January issue. Wed, 28 Nov 2012 02:29:00 GMT f1397696-738c-4295-afcd-943feb885714:8788 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8689/Whats-Your-Outlook-for-2013.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8689 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8689&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8689/Whats-Your-Outlook-for-2013.aspx Nov. 14, 2012 What's Your Outlook for 2013? Metal Center News invites you to participate in the industry’s most comprehensive research study: Service Center Outlook 2013. This is the only survey MCN will conduct for 2013, so please respond to this one-time request and share your views today. In appreciation for your time, MCN will make a $1 donation to the American Center Society. Please take a few moments to log onto www.research.net/s/SCO2013 and fill out the quick, confidential questionnaire. Service Center Outlook 2013 results will be published in MCN's January issue. In order to gather a statistically valid sample, this survey requires participation by service center management nationwide. When tabulated, the data will provide essential benchmarks that service centers can use to compare their own business forecasts, sales compensation levels, capital spending plans and brand preferences with the rest of the industry. Wed, 14 Nov 2012 22:03:00 GMT f1397696-738c-4295-afcd-943feb885714:8689 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8687/ISM-Manufacturing-Activity-Expands-in-October.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8687 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8687&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8687/ISM-Manufacturing-Activity-Expands-in-October.aspx Nov. 14, 2012 ISM: Manufacturing Activity Expands in October Economic activity in the manufacturing sector expanded in October for the second consecutive month following three months of slight contraction, report the nation’s supply executives in the latest Manufacturing ISM Report on Business from the Institute for Supply Management, Tempe, Ariz. The PMI registered 51.7 percent in October, up 0.2 percent from its September reading. Primary metals, fabricated metal products, appliances and components all reported contraction in October, however. Miscellaneous manufacturing was one of eight industries reporting growth. "The past relationship between the PMI and the overall economy indicates that the average PMI for January through October of 52 percent corresponds to a 3.2 percent increase in real gross domestic product. In addition, if the PMI for October is annualized, it corresponds to a 3.1 percent increase in real GDP annually," says Bradley J. Holcomb, chairman of ISM’s Manufacturing Business Survey Committee. According to ISM’s data, the overall economy grew for the 41st consecutive month. The New Orders Index registered 54.2 percent, an increase of 1.9 percentage points from September, indicating growth in new orders for the second consecutive month. The Production Index registered 52.4 percent, an increase of 2.9 percentage points, indicating growth in production following two months of contraction. Wed, 14 Nov 2012 20:36:00 GMT f1397696-738c-4295-afcd-943feb885714:8687 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8686/Metals-Industry-Largely-Escapes-Sandys-Wrath.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8686 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8686&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8686/Metals-Industry-Largely-Escapes-Sandys-Wrath.aspx Nov. 14, 2012 Metals Industry Largely Escapes Sandy’s Wrath The massive hurricane that hit the Atlantic Coast at the end of October resulted in inconvenience for most in the metals supply chain. Power failures and transportation disruptions were commonplace, but no service centers reported major damage to Metal Center News. Pennsylvania Steel Co., with facilities from North Carolina through Connecticut, reported initial power outages at its three Pennsylvania facilities only, though those issues were resolved quickly through the use of backup generators. “The biggest task now is the daily checks on which customers are open and able to accept deliveries, especially in the lower New England, New Jersey and New York City market regions,” said Pennsylvania Steel Co. President Barry Walsh in the days after the storm. That was the rule for most East Coast companies. Many of them shut down during the storm and returned to a facility without power, but usually without damage to property or product. Others reported major inconveniences for their employees at home, but no substantial injuries. “We had no personnel injured during storm, but many of them remain without power to their homes,” said Jeff Wise, vice president of sales and marketing for Titanium Industries, Rockaway, N.J. Wed, 14 Nov 2012 20:35:00 GMT f1397696-738c-4295-afcd-943feb885714:8686 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8685/PCC-Acquires-TIMET-in-Contested-Deal.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8685 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8685&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8685/PCC-Acquires-TIMET-in-Contested-Deal.aspx Nov. 14, 2012 PCC Acquires TIMET in Contested Deal Precision Castparts Corp., Portland, Ore., has entered a merger agreement with Titanium Metals Corp., Dallas, in a $2.9 billion transaction. Under the terms of the merger, Precision Castparts will acquire 100 percent of the common stock of TIMET at $16.50 per share. "TIMET will provide us with the titanium capability that has always been a key missing piece of our overall product portfolio," says Mark Donegan, chairman and chief executive officer of Precision Castparts. "As our 2006 acquisition of Special Metals did for us with nickel alloys, acquiring TIMET will enable us to streamline our supply chain and better manage our input costs in our core operations.” However, the law firm of Levi & Korsinsky reportedly is investigating the board of directors of TIMET for possible breaches of fiduciary duty in connection with the sale of the company. The investigation concerns whether the board failed to adequately shop the company before entering into this transaction. The probe will determine whether Precision Castparts Corp. is underpaying for TIMET shares, thus unlawfully harming stockholders. The firm claims at least one analyst set a price target at $20 per share. Wed, 14 Nov 2012 20:34:00 GMT f1397696-738c-4295-afcd-943feb885714:8685 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8684/Welded-Tube-Finalizes-Plans-for-New-York-Facility.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8684 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8684&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8684/Welded-Tube-Finalizes-Plans-for-New-York-Facility.aspx Nov. 14, 2012 Welded Tube Finalizes Plans for New York Facility Welded Tube USA has finalized plans to purchase 45 acres in the Tecumseh Business Park on the former Bethlehem Steel property in Lackawanna, N.Y. The subsidiary of Welded Tube of Canada plans to invest approximately $50 million to construct a new facility to supply steel pipe to the energy industry. Welded Tube’s investment will occur in three phases, and consists of the construction of a 109,000-square-foot manufacturing facility in phase one that would be expanded by an additional 34,000 square feet in phase two. The final phase would call for the construction of a 30,000-square-foot building. The initial building construction is to be completed in February 2013, with production scheduled to begin in August 2013. “We see great potential for our product in the U.S. market and a great opportunity to develop that potential in the Buffalo Niagara region,” says Executive Chairman Barry Sonshine. Wed, 14 Nov 2012 20:32:00 GMT f1397696-738c-4295-afcd-943feb885714:8684 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8683/Nucor-Enters-Natural-Gas-Pact.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8683 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8683&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8683/Nucor-Enters-Natural-Gas-Pact.aspx Nov. 14, 2012 Nucor Enters Natural Gas Pact Nucor Corp., Charlotte, N.C., has entered a long-term agreement with Encana Oil for an onshore natural gas drilling program in the United States. Company officials say the agreement will ensure a reliable, low-cost supply of natural gas for more than 20 years. Under the terms of the agreement, Nucor will pay its share of costs plus an additional amount of carried interest in each well drilled. Either party may suspend drilling if natural gas prices fall below a predetermined threshold. Encana will be the operator and will provide expertise to drill, complete and operate the wells. This new agreement is in addition to an earlier and smaller onshore natural gas drilling agreement with Encana established in 2010. By entering into this new agreement, Nucor will be better able to manage its exposure to natural gas volatility and overall energy demand for its manufacturing operations, company officials claim. "We are always searching for ways to improve our competitive position and drive sustained value creation over cycles. The increased exposure to natural gas prices that will accompany our current and potential DRI production, combined with the tremendous advances that have been made in the natural gas industry, have created a unique opportunity to create what we believe will be a lasting competitive advantage for Nucor,” says Dan DiMicco, chairman and CEO. Wed, 14 Nov 2012 20:31:00 GMT f1397696-738c-4295-afcd-943feb885714:8683 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8682/Dennen-Opens-New-Stamping-Plant-in-Mississippi.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8682 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8682&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8682/Dennen-Opens-New-Stamping-Plant-in-Mississippi.aspx Nov. 14, 2012 Dennen Opens New Stamping Plant in Mississippi Service center company Dennen Steel has opened a steel stamping facility in Iuka, Miss., the Michigan-based company's first plant in the southern United States. The $7 million operation is located near the Severstal mill in Columbus. "We are making a significant investment here because we projected growth opportunities with existing and new customers in the region. Our steel service center heritage coupled with our contract manufacturing capabilities offers measurable value to industrial companies and original equipment manufacturers," says Andrew Dennen, chairman. Dennen Steel's new 50,000-square-foot industrial building will be used to manufacture steel stamped parts for automobiles, trucks, computers, household appliances, air conditioning and heating equipment, office furniture, agricultural equipment, metal containers, outdoor appliances and other products. "Our location near a multi-modal facility at the intersection of two waterways enables us to reduce inbound freight costs for the benefit of our Southern USA customers," Dennen says. "In addition, our value chain integration provides the benefits of time compression, waste elimination, and overall cost reduction for our customers." Wed, 14 Nov 2012 20:30:00 GMT f1397696-738c-4295-afcd-943feb885714:8682 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8681/Pennsylvania-Steel-Acquires-Metal-Connections.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8681 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8681&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8681/Pennsylvania-Steel-Acquires-Metal-Connections.aspx Nov. 14, 2012 Pennsylvania Steel Acquires Metal Connections Pennsylvania Steel Co., Bensalem, Pa., has acquired Metal Connections Inc., Hauppauge, N.Y. The company now has nine locations in the Middle Atlantic and Northeast. Metal Connections, which has been serving the Long Island and greater New York City markets since 1999, is an aluminum plate and saw cutting specialist. It will continue to provide plate cutting services while benefiting from Pennsylvania Steel’s product strength. The addition of Metal Connections enhances Pennsylvania Steel’s position as the region’s most comprehensive metals supplier, claims Barry Walsh, Pennsylvania Steel president. Wed, 14 Nov 2012 20:25:00 GMT f1397696-738c-4295-afcd-943feb885714:8681 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8680/Castle-Reports-Profitable-Third-Quarter.aspx#Comments 0 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=2524&ModuleID=13831&ArticleID=8680 http://www.metalcenternews.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8680&PortalID=51&TabID=2524 http://www.metalcenternews.com/Editorial/CurrentIssue/CurrentNews/tabid/2524/articleType/ArticleView/articleId/8680/Castle-Reports-Profitable-Third-Quarter.aspx Nov. 14, 2012 Castle Reports Profitable Third Quarter A.M. Castle & Co., Oak Brook, Ill., returned to profitability in the third quarter, posting net income of $3.2 million during the three months ended Sept. 30. The distributor of specialty metals and plastics had reported a net loss of $3.0 million the previous quarter. Net earnings were off 7.8 percent from third-quarter 2011. Net sales during the quarter totaled $304.0 million, an increase of 3.0 percent from the same period in 2011, but down 7.7 percent from the previous quarter. "We made progress toward our goal to improve operating margins," said Scott Stephens, vice president-finance and chief financial officer, who also served as interim CEO during the third quarter. "Through strong gross material margin execution and effective cost management, we achieved the third-quarter profit levels that we had anticipated, despite external headwinds, including declining scrap and commodity prices and continued uncertain customer demand." In the company’s Metals segment, third-quarter net sales of $272.4 million were 3.0 percent higher than last year, primarily due to the acquisition of Tube Supply last December. The acquired operation contributed net sales of $39.9 million in this year’s third quarter. Metals segment tons sold per day, excluding Tube Supply, were down 9.2 percent in the recent quarter, compared to third- quarter 2011. “Most key end-use markets experienced softer demand as customers adjusted their inventory levels due to a more cautious outlook,” Stephens said. However, volumes increased by 8.5 percent from July to September, suggesting a strengthening in the markets. "We remain cautious heading into the fourth quarter, which has historically been seasonally slower for the company. Nevertheless, we expect daily sales in the fourth quarter of 2012 to be comparable to third-quarter levels and expect gross material margins in the fourth quarter of approximately 27 percent,” Stephens said. “We continue to be optimistic about our global growth opportunities in our targeted end markets, and we are committed to expanding our business as we focus on cost management and improved operating efficiency for the balance of 2012 and into 2013." Just prior to quarter’s end, A.M. Castle’s board of directors hired Scott J. Dolan to serve as the company’s president and CEO. "Scott Dolan possesses the qualities we sought in a CEO to execute A. M. Castle's strategy, engage our employees and deliver improved results for shareholders," said Brian P. Anderson, chairman of the board. Dolan, who most recently worked as a vice president for the combined United and Continental Airlines, said he is in the process of reviewing the entire company from top to bottom. “I plan to evaluate all aspects of the business over my first 90 days, and act very quickly to implement process improvements, organizational changes and an overall execution culture that will enable us to drive performance,” he said. Also during the quarter, Castle’s board dealt with reports of a possible takeover from the Platinum Equity group, a minority shareholder. Castle’s board is determined to rebuff any attempts from the private group. “We evaluated Platinum’s stated intentions and the strategic alternatives available to our company. Based on this assessment, the board determined it is in the best interest of Castle and its shareholders to pursue Castle’s business plan as a standalone entity,” said Anderson. Wed, 14 Nov 2012 20:23:00 GMT f1397696-738c-4295-afcd-943feb885714:8680