Today, the American Iron and Steel Institute (AISI) reported that for September 2007, U.S. steel mills shipped 7.7 percent fewer net tons than in September 2006 and 7.8 percent fewer net tons than in August 2007.
After disappointing quarterly profit reports from United States Steel Corp. and Commercial Metals Co., the steel industry as a whole slid downwards.
Standard & Poor's Ratings Services, citing improved finances and market conditions, may boost steelmaker AK Steel Holding Corp.'s credit rating. The credit agency placed AK Steel's "B+" corporate credit rating on a watch list with positive a positive outlook.
AK Steel announced that it reached a $663 million settlement with approximately 4,600 retirees from its Middletown Works over health-care benefits. According to the agreement, the company will fund a Voluntary Employees Beneficiary Association (VEBA) trust, which is managed by the retirees. In return, AK Steel will have no further liability towards the retirees. This news led to an increase in the stock price of AK Steel.
