Steel Mills
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 Steel Mills
Nucor eyes long-term gains amid strong demand and trade enforcement
Resilient demand across its steel product lines, combined with the continued ramp-up of key expansion projects, drove Nucor’s improved financial results and record-setting performance in the second quarter. That’s according to company executives speaking on an earnings conference call on Tuesday.
Three independent, new directors join USS board
U.S. Steel (USS) appointed three new, independent US members to its board of directors, the company announced.
Nucor reports improved earnings, sales, and operating rates
Nucor reported a sharp sequential rebound in the second quarter, buoyed by improved pricing and strong shipments. But the steelmaker is bracing for a modest slowdown in the months ahead.
Cliffs confirms Cleveland furnace restart, Dearborn furnace idling
Cleveland-Cliffs is idling blast furnace, BOF shop, and continuous caster functions at its Dearborn plant, but downstream operations will remain unaffected, the company confirmed. Cliffs said its pickling line tandeom cold mill (PLTCM) and its extra wide automotive-grade galvanizing line for exposed parts will continue operations at the Dearborn, Michigan-based facility.
Nucor spot HR list price unchanged at $900/ton
Nucor maintained its weekly list price for hot-rolled (HR) coil flat this week, following a price cut the previous week.