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Steel Prices

November 15, 1985 | Associated Press
After intense price cutting during a prolonged slump, the nation's major steel producers are raising their prices again, but analysts differ over whether cheap imports and uncertain demand will let the producers sustain the higher prices. "They're going to give it a try. But there are no guarantees at all. The best you can give it is a 50-50 chance," said Peter L. Anker, who studies the steel industry for First Boston Corp., a New York-based investment firm.
June 18, 2008 | Andrea Chang, Times Staff Writer
A booming market for steel is paying off big for two Los Angeles-area companies. L.A.-based Reliance Steel & Aluminum Co. said Tuesday that it had agreed to buy a smaller metal processor from Beverly Hills-based buyout firm Platinum Equity for more than $300 million. For Reliance, the country's largest metal processor, the purchase of Atlanta-based PNA Group Holding Corp. would extend a string of more than 40 acquisitions since the company went public in 1994. Reliance's stock jumped $2.
Steel prices have risen sharply since President Bush imposed import tariffs three months ago, causing unexpected hardship in steel-consuming industries and fueling a political backlash that could hurt the White House. Prices of benchmark steel products have soared 30% to 50% this year, far more than predicted when the president slapped tariffs of as much as 30% on steel imports to protect domestic producers from foreign competition.
May 29, 2008 | Jeff Spurrier, Special to The Times
FIRST gasoline, then food and soon furniture? Don't be surprised if prices for home furnishings rise in the months to come -- the result of not only higher transportation costs but also rising prices for metal. Steel prices -- up 300% during the last five years, experts say, and 50% in the last nine months alone -- have already affected industry players such as Leggett & Platt, which makes furniture swivels and coil springs.
August 1, 1996 | From Times Wire Services
Bethlehem Steel said second-quarter earnings plunged 56% because steel prices were lower than a year ago. The nation's second-largest steel producer said net income fell to $26.6 million, or 14 cents a share, from $60.3 million, or 45 cents, in the year-earlier quarter.
July 23, 1999
Earle M. Jorgensen Co.: The Brea metal distributor reported net income of $4 million for the first fiscal quarter ended June 30, 52% lower than the $8.3 million posted a year ago. Revenue declined 12% to $220.9 million from $250.6 million. The company said the results reflected a weakness in steel prices and reduced shipments to several key industries, including agricultural equipment and oil services.
October 7, 1992 | From Times Staff and Wire Reports
USX-U.S. Steel Group and LTV Steel Corp., two of the nation's top steelmakers, said they will boost steel prices by $10 to $20 a ton, effective Jan. 3. . . . Ford Motor Co. announced a new "world car," its latest attempt to design and build the same car in Europe and North America. . . . Shareholders of Charter Co. voted to rename it Spelling Entertainment Group Inc. The company said it will begin using the new name immediately. . . . Sportmart Inc.
October 30, 2006 | Evelyn Iritani, Times Staff Writer
Cutting costs has become a way of life at Aggressive Engineering Corp., a Southern California metal stamping company. Over the last decade, President Dan Bridges has slashed his workforce from 52 to 25, capped wages and retooled the assembly line to increase its output of metal parts. But Bridges said he might have to close his doors if the U.S. government doesn't lift the duties imposed in 1993 on foreign firms accused of dumping cheap steel in the U.S. market.
January 31, 2006 | From Associated Press
United States Steel Corp. posted a sharp decline in fourth-quarter profit on lower steel prices and volume as well as an accounting change related to its Slovak operation that resulted in a one-time charge of $35 million. Including the accounting change, net income slid 76% to $109 million, or 85 cents a share, from $451 million, or $3.46, a year earlier.
January 25, 2005 | From Reuters
United States Steel Corp., the largest U.S. integrated steelmaker, reported a fourth-quarter profit after a loss a year earlier, citing robust worldwide steel prices and tight supplies. The Pittsburgh-based company posted earnings of $462 million, or $3.55 a share, compared with a net loss of $22 million, or 26 cents, in the same quarter of 2003, when it was hurt by expenses for retiree pension and healthcare costs. Fourth-quarter revenue soared to $3.93 billion from $2.
May 9, 2004 | Diane Wedner, Times Staff Writer
First the run-up in gasoline and milk prices. Now lumber and steel. Homeowners planning to add a second story or a deck or, heaven forbid, build a new house are in for some serious sticker shock, experts say, as soaring prices of construction materials -- from plywood to plumbing products -- force contractors to raise prices along with the roofs. Record demand for construction supplies amid shortages is creating a pricing nightmare, just as home building approaches peak season.
December 5, 2003 | Evelyn Iritani, Times Staff Writer
Dale Congelliere cheered when he learned that President Bush had scrapped the controversial U.S. tariffs on imported steel. The president of Crenshaw Die & Manufacturing Corp. in Irvine said his raw material costs shot up 35% after the tariffs were imposed in March 2002. He blamed escalating steel prices for making his metal stamping company uncompetitive in some areas, saying they contributed to a painful decision to forgo year-end bonuses for his 80 employees.
December 3, 2003 | Maura Reynolds and Richard Simon, Times Staff Writers
Here in "Steel City," President Bush didn't say a word in public Tuesday about the hot political issue of the day: his expected decision to lift the tariffs he imposed on imported steel last year. But it was on the minds of the steelworkers who demonstrated outside Bush's campaign fund-raiser in Pittsburgh as well as some of the president's Republican supporters who attended the event, underscoring the high political stakes of the trade issue in the 2004 presidential campaign. Thomas J.
January 30, 1991 | From Times Staff and Wire Reports
The Pittsburgh-based steel and energy company said its net profit for the year fell 15% from a year earlier to $818 million on revenue of $20.7 billion, up 11%. The earnings decline was due to lower steel prices and higher environmental and litigation expenses, the nation's largest steelmaker said. Fourth-quarter earnings rose 9.4% to $267 million on revenue of $6.2 billion, up 27%. The company attributed the quarterly gain to increased profits at its Marathon Oil subsidiary.
September 28, 2003 | Warren Vieth, Times Staff Writer
Before President Bush decides what to do about steel tariffs, he might want to square things with the 2 million metal-benders of America. He could start with Tim Tindall or Mike Chubb. Tindall, president of a company that makes brackets and springs for the auto industry, has laid off 17 employees since Bush imposed tariffs on imported steel last year, and he's struggling to retain the 85 people still on his payroll.
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