Steel Mills

Nucor and Reliance Steel Request New Trial after $156M Judgment
Written by Sandy Williams
May 6, 2014
The $156 million judgment against Nucor, Reliance Steel & Aluminum, American Alloy Steel and JSW Steel (USA) will be delayed two weeks while the defendants file a motion for a new trial in the anti-trust lawsuit brought by MM Steel LLC.
Last week US District Judge Kenneth Hoyt ruled that a $52 million jury verdict against the steel companies would be tripled. According to court documents, the defendants agreed to split the judgment but were unwilling to reveal the details to MM Steel. There are indications that MM Steel may be willing to work towards a settlement of the case after the companies appealed the verdict judgment.
In the motion to delay the judgment, Hoyt said, “MM Steel cannot negotiate reasonable settlements with the defendants without knowing the contract limits they face in the undisclosed agreement.” (Source: Law 360)

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

SSAB announces $74M expansion in Alabama
The project will expand heat treat capacity at its Axis, Alabama plant

ArcelorMittal’s EAF in Alabama expects first heat in Q2
The facility at AMNS Calvert will be the first EAF in North America capable of supplying exposed automotive grades with domestically melted and poured material.

Nucor’s Topalian lauds Trump’s trade policies, downplays impact
Nucor’s top exec Leon Topalian said the benefit of the current administration’s aggressive trade policies “trumps” any risk of potentially higher raw materials prices.

SSAB reports higher production, shipments
But profits slipped vs. last year.

Nucor earnings slump in first quarter, but better times seen ahead
Nucor’s profits fell precipitously in the first quarter, but the company has a rosier outlook for the following quarter.