From American Metal Markets | ArcelorMittal has earmarked about $138 million for capital expenditures at three of its U.S. Flat Carbon operations, including its Indiana Harbor hot strip mill and Burns Harbor plate mill.
Get the full story: amm.com
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W.W. Grainger sales rise on acquisitions
Associated Press | W.W. Grainger Inc. said Wednesday that its daily sales rose 12 percent in February on acquisitions, seasonal product sales and favorable foreign exchange rates.
The company, which supplies industrial maintenance and safety products to manufacturers and government offices, said its sales climbed 4 percent excluding acquisitions, seasonal sales and foreign exchange.
A.M. Castle fourth-quarter loss narrows
Dow Jones Newswires | A.M. Castle & Co.’s fourth-quarter loss narrowed following a $58.9
million year-earlier write-down as the company’s sales dropped sharply.
“While we are disappointed with our financial results for the fourth
quarter and the full year 2009, we believe an increase in daily shipping
rates throughout the second half of 2009 and early 2010 indicate that
we are on a path to recovery,” said President and Chief Executive
Michael Goldberg.
Caterpillar CEO predicts big growth in 2010
Dow Jones Newswires-WSJ | Sales at Caterpillar Inc. are expected
to rise 10 percent-25 percent this year on inventory restocking and a
stronger global rebound than was initially expected, James W. Owens,
the company’s chairman and chief executive, said Tuesday.
Yet Owens, who will be retiring as CEO in June, cautioned the outlook
remains uncertain and assigned a 25 percent chance to a “Great
Recession”-type of event in which Caterpillar’s sales, which were $32.4
billion in 2009, increase to just $35 billion by 2011.
Navistar misses as profit slumps 93%
Dow Jones Newswires | Navistar International Corp.’s fiscal
first-quarter profit slumped 93 percent on a big year-earlier
litigation gain, as revenue and margins also declined.
Shares fell 4.8 percent to $42.14 in after-hours trading as the
commercial truck and engine maker’s results fell below Wall Street’s
expectations.
“First-quarter results reflect the progress we are making in the
toughest of economic conditions and in a normally difficult seasonal
quarter for our company due to fewer operating days,” said Chairman and
Chief Executive Daniel Ustian.
Danfoss raises bid for Sauer-Danfoss stake
Associated Press | Danfoss A/S has raised its offer to buy the
rest of Sauer-Danfoss Inc. it doesn’t already own to $13.25 per share
from an initial offer of $10.10 per share.
Danfoss, a Denmark-based manufacturer of valves and fluid handling
components for air conditioning, heating and industrial applications,
made its initial bid in December. Danfoss and its subsidiaries
currently own a stake of about 75.7 percent in Sauer-Danfoss.
Boeing says 787 Dreamliner testing going well
(Kevin P. Casey/Bloomberg)
Associated Press | Boeing Co. is putting its new 787 through an aggressive flight-testing
schedule, with the fourth plane set to begin test flights on Sunday.
Boeing is aiming to deliver the plane to its first customer by the end
of this year. By midyear it is aiming to fly six planes a total of 90
hours per week, Jim Albaugh, chief executive of Boeing’s commercial
airplane division, told analysts on Tuesday.
Albaugh said the testing so far has included more than 100 stalls, some
practice with an engine off, and a dive that brought it to Mach .97,
close to the speed of sound.
EU warns US about favoring Boeing in tanker deal
| Associated Press | The EU has warned Washington that future defense deals with the U.S. could be affected if a recent Air Force contract for air-refueling tankers proved to have favored a U.S. company.
The European Commission said Tuesday a decision by a European-led consortium not to submit a bid for the Pentagon’s contract for next generation tankers is “highly regrettable.” |
See also • EADS reports loss on cost overruns |
Navistar/Caterpillar venture heads for Australia
A joint venture between Navistar International Corp. and Caterpillar Inc. is setting up shop in Australia with plans to begin selling trucks there this summer.
Read the full story: marketwatch.com
Caterpillar, Navistar venture goes to Australia
From RTT News | NC2Global LLC, the global joint venture between Caterpillar Inc. and Navistar International Corp. announced that they are set to launch Australian operations, with truck sales to begin mid-year.
Get the full story: rttnews.com
Union slams Mercury Marine bonuses
From the Milwaukee Journal-Sentinel | The International Association of Machinists and Aerospace Workers criticized Brunswick Corp.’s Mercury Marine unit for paying out bonuses to executives at its headquarters in Fond du Lac, Wis. after hourly workers took pay cuts and made other concessions this fall to save jobs.
Mercury Marine said the bonuses were from Lake Forest-based parent Brunswick and designed to keep attract top management talent.
Get the full story: jsonline.com
K+S: Morton Salt had a ‘very good’ year
From Bloomberg News | German fertilizer and salt company K+S AG said Chicago-based Morton Salt, which it acquired last year from Dow Chemical for $1.7 billion, exceeded operating targets in 2009.
Get the full story: bloomberg.com
Shares in Middleby rise on strong 4Q earnings
Associated Press | Shares of Middleby Corp., which makes cooking equipment for restaurants, rose
Thursday after the company reported fourth-quarter earnings that exceeded
analysts’ expectations.
Middleby, based in Elgin,
said it saw “initial signs of recovery” in its food processing segment and
anticipates stabilization in the foodservice industry. It also said it
eliminated $20 million of debt during the quarter.
Boeing to offer version of 767 in tanker bid
Associated Press | Defense contractor Boeing Co. said Thursday
that it will bid for the Air Force’s troubled $35 billion refueling
plane contract, leaving rival Northrop Grumman Corp. to decide if it
will make its own attempt to build the long-delayed jets.
Boeing said it plans to offer a military version of its 767 passenger
jet for a fleet of 179 new planes. The contract is expected to be the
first of several to replace many of the Air Force’s current planes that
date back to the 1950s. Boeing said it will submit its formal bid by
May 10.
RC2 names ConAgra executive to board
Associated Press | RC2 Corp. said Wednesday that Joan K. Chow, chief marketing officer for ConAgra Foods Inc., has been appointed to its board.
RC2 makes products for babies and mothers under brands such as The First Years and Lamaze.
