Specialty pipe maker Edgen Group Inc., based in Baton Rouge, has been purchased by Japan-based Sumitomo Corporation for $12 per share. The acquisition is valued at $520 million and is expected to close by the end of the year. “The investment in Edgen Group will represent further expansion of Sumitomo’s distribution presence across the upstream, […]
Ocean Freight Ocean freight rates, as reported by the Baltic Exchange, have rebounded strongly in the last few months driven mainly by the cape-size component. The composite Baltic Dry Index has risen by 152 percent from its 2013 low point in February an increase from 737 to 1860 (Figure 1). The Capesize component has risen […]
Worthington Industries, a diversified metals manufacturing company, reported a one percent gain in net sales in the third quarter ending February 28, 2013, finishing at $619.5 million compared to $611.3 million the prior year. Gross margin improved to $97 million from $83.3 million in 2012, mostly due to gains from Pressure Cylinders and acquisitions. Steel […]
Dear Editor, Once again, both Nucor and US Steel in their quarterly earnings calls partially blamed imports for their less than stellar results, and frankly, this is getting old. For the record, it is NOT illegal to import steel into the United States. It might be illegal if those imports were dumped (meaning sold below […]