Steel Mills
Claims to be Paid in Anti-Trust Suit
Written by Sandy Williams
October 25, 2015
Claimants in a steel anti-trust suit that has been ongoing since 2008 will finally receive some satisfaction. Last week, a U.S. District Court judge in Illinois approved the distribution of settlement funds for 1,857 claims totaling almost $103.7 million.
The settlement stems from a 2008 price fixing case involving eight steel manufacturers. Standard Iron Works and four other companies filed a lawsuit against ArcelorMittal, U.S. Steel, Commercial Metals Company, AK Steel Holding Corp., Gerdau Ameristeel Corp., Nucor, Steel Dynamics and SSAB, charging the steelmakers conspired “to manipulate the supply and price of steel products sold in the United States.” The period in question stretched from April 1, 2005 to December 31, 2007.
The first five companies listed above settled in October last year, denying wrong doing and the allegations against them. Following a year-long review of the settlement, recommendation was given by the claims administrator (Garden City Group) and class counsel for dispersal of funds to claimants.
“The claims process in this case has been thorough, straightforward and fair,” wrote Judge James B. Zagel in his memorandum opinion and order. “It seems clear to me that every class member’s claim has been evaluated pursuant to the same process and under the same standards. Accordingly, I am granting Plaintiffs’ motion.”
Litigation continues against the final three companies named in the suit: Nucor Corporation, Steel Dynamics, Inc., and SSAB.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
USW seeks clarity on plans for Granite City Works
The United Steelworkers union has asked U.S. Steel to elaborate on its Granite City Works plans following reports that the steelmaker is ending processing at the facility.
Nucor maintains plate prices, opens October order book
Nucor aims to keep plate prices flat for a seventh straight month with the opening of its October order book.
ArcelorMittal Mexico to import from sister mills as it works to resume DRI production
ArcelorMittal has partially restarted operations at its direct reduction plant in Lazaro Cardenas, Michoacan. An explosion on Aug. 18 rocked the massive steelworks on Mexico’s Pacific coast, impacting production of direct-reduced iron (DRI).
Fall maintenance outages are coming in hot
Labor Day has passed, the sun is starting to set a little earlier each day, and cooler weather has begun to find its way down to many of us across North America. And you know what that means for the steel industry… Fall maintenance outages!
AISI: Domestic steel production ticks up
US raw steel production ticked up in the week ending on Sept. 6 after a decrease the week before, according to the most recent data from the American Iron and Steel Institute (AISI).