Market Segment
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 Market Segment
Nucor targets ‘white hot’ data center boom
With infrastructure demand shifting toward digital capacity, Nucor Corp. is positioning itself as the go-to steel supplier for the data center boom.
Gerdau’s N. American earnings rise in Q3 due to fall in imports
Gerdau’s North American profits rose in the third quarter, boosted by a decline in imports due to Section 232 steel tariffs.
Ternium swings to Q3 loss, eyes 2026 recovery
Ternium closed the third quarter with steady shipments and improving margins. But trade policy uncertainty and subdued demand in Mexico weighed on the Latin American steelmaker’s results.
SMU Mill Order Index fell in September
SMU’s Mill Order Index declined in September after repeated gains from June through August. The shift came as service center shipping rates and inventories fell.
Algoma’s losses widen in Q3 as tariff troubles continue
Algoma Steel’s net loss more than quadrupled in the third quarter on trade woes and its EAF transition. Separately, the company announced a change in leadership, as CEO Michael Garcia will retire at the end of the year.