Market Segment
Anti-Trust Judgment Against Nucor and Reliance Steel Tripled to $156 Million
Written by Sandy Williams
May 4, 2014
Damages in an anti-trust lawsuit against Nucor Corp, Reliance Steel & Aluminum, American Alloy Steel, JSW Steel and one individual defendant have been tripled to a final judgment of $156 million. US District Judge Kenneth Hoyt granted MM Steel LP’s motion to treble the $52 million jury verdict, rejecting motions by the defendants to delay the judgment until the terms of the settlement between MM Steel and SSAB Enterprises LLC, who was also named in the case, could be revealed. The defendants asked in their motion that the award to MM Steel be reduced by the amount of recovery received from SSAB.
Judge Hoyt held that the motions “do not present a basis for setting aside the jury verdict or for granting relief as a matter of law that have not been considered and rejected in previous motions.”
JSW filed an appeal Tuesday to the US Court of Appeals for the Fifth Circuit.
The case was based on MM Steel’s claim that a boycott had been organized by the defendants against MM Steel. The defendants are jointly and severally liable for the award.
Robert J. Katerberg, a partner with Arnold & Porter and lead attorney for Nucor said, “We are disappointed with the verdict. Nucor denies violating any antitrust laws. We believe Nucor acted entirely within its legal rights. We will fight these allegations through the appeal process and we expect that Nucor will be vindicated.”
Sandy Williams
Read more from Sandy WilliamsLatest in Market Segment
Leibowitz: Is the China truce real or a Band-Aid?
US President Donald Trump and Chinese President Xi Jinping on Thursday had a much-anticipated meeting. Is it only a hiatus in the trade war, or did it really change the situation? I suspect the former, I but hope for the latter.
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.