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Special Metals Exits
Huntington, WV— Special Metals
Corporation announced that the company has consummated its plan
of reorganization, thereby effectively emerging from bankruptcy.
“Special Metals Corporation
has met a significant number of challenges over the course of the
reorganization process, including the ratification of six new collective
bargaining agreements, the assumption of the company’s three
largest pension plans by the Pension Benefit Guaranty Corporation,
and today’s closing of the exit financing, a new $200 million
revolving credit facility,” said special metals chief operating
and restructuring officer, Dennis L. Wanlass.
Special Metals is a diversified
producer of high-performance nickel-based alloys. Through its 10
U.S. and European production facilities and a global distribution
network, Special Metals supplies over 5,000 customers with high-performance
Roanoke Electric Steel
Reports Improved Fiscal 2003
Roanoke, VA— Roanoke Electric
Steel Corporation reported a profit of $700,735 for the fourth quarter
ended October 31, 2003, compared to a loss of $315,374 for the same
period last year. The results for the quarter represented the first
quarterly profit since July 2001, following eight consecutive quarterly
losses. Basic earnings per share were $.06, compared to basic loss
per share of $.03 last year. Sales for the quarter were $91,600,033,
a 27.3% increase from sales of $71,935,383 reported for the 2002
For the year ended October 31,
2003, the company reported a loss of $3,224,953, compared to a loss
of $6,008,897 for the 2002 fiscal year, or an improvement of 46.3%.
Basic loss per share for the year was $.29, compared to basic loss
per share of $.55 last year. The 2003 results included a $228,410
charge for the cumulative effect of a change in accounting principle,
which amounted to $.02 per share. Sales for fiscal 2003 were $312,090,956,
up 18.3% last year.
Donald G. Smith, Chairman and Chief
Executive Officer, stated: “Roanoke Electric Steel achieved
significantly improved results in a very challenging year, realizing
quarterly improvements throughout the 2003 fiscal year. A general
upturn in our overall markets led to an increase in the number of
tons both produced and shipped during the year, resulting in a sales
increase of 18.3% in 2003 over 2002. Selling prices for our products
increased initially due to rising scrap costs, which prompted several
industry-wide price increases. Recently, demand has improved, further
augmenting the rise of selling prices. In fact, selling prices during
the year for merchant bar products increased 18.8%, for specialty
steel products increased 8.8% and for billets increased 11.3%.
Steel Imposes Temporary Surcharge
Weirton, WV— Weirton Steel
Corp. announced that unprecedented increases in raw material prices
have compelled it to implement a $25 per ton surcharge on all steel
The surcharge, which will apply
to all products and customers, will commence December 15 and continue
through January 31, 2004.
Weirton Steel said the surcharge
is necessary to offset dramatic cost increases on both scrap and
raw materials. The company said it will contact its customers no
later than January 16 if a continuation of the surcharge through
February is required.
Metals Company Announces Nominations
Dallas, TX— Commercial Metals
Company headquartered in Irving, Texas, announced the nomination
of Harold L. Adams, Chairman Emeritus of RTKL Associates Inc. and
J. David Smith, Chairman, President and Chief Executive Officer
of Euramax International, Inc. to its Board of Directors. The CMC
board will increase from nine to eleven directors with stockholders
to vote on all nominees at the annual meeting scheduled to be held
January 22, 2004.
Adams has been associated with
RTKL since 1969, having previously served as Chairman since 1987,
Chief Executive Officer since 1971 and President from 1969 to 1999.
Smith’s career in the fabricated
products industry spans over 30 years beginning with Howmet Aluminum
Corp. and Alumax, Inc. prior to Euramax’s organization in
Washington, DC— Ann
Wrobleski, an international affairs expert with more than 18 years
of experience in Washington, DC, will be joining the American Forest
& Paper Association as Vice President of its international division.
Since 1990 Wrobleski has worked
with a number of international clients and foreign governments with
The Jefferson Group, Jefferson Waterman International, LLC, and
for the past 18 months as CEO for Halliday, Inc, an advocacy lobbying
assistance firm. She has worked with major telecommunications
and energy clients, representing them and other clients before the
U.S. Departments of Treasury, State, Commerce, the USTR, and the
Considered an excellent negotiator
and consensus builder, Wrobleski has worked with the World Bank,
the U.S. Export-Import Bank, the Overseas Private Investment Corporation,
the governments of Indonesia, the Philippines, Japan, Korea, Bulgaria,
Romania, Jamaica, and several Latin and South American countries.
Lexington, KY— Michael Davis
has been named vice president marketing and sales of LBX Company,
makers of Link-Belt earthmoving, forestry and material handling
equipment. Previously, Davis held the title of director of marketing
and sales with LBX.
As vice president, Davis is responsible
for all North American and international sales and marketing of
the company’s full range of construction, forestry and material
Davis has a bachelor’s of
science degree in agricultural economics from the University of
Missouri in Columbia. Prior to joining LBX he held management positions
at Link-Belt Construction Equipment Company in Lexington and Scott
Truck and Tractor. He also has worked with the Case Corporation
in sales and the Case Credit Corp.
Industries Awarded Municipal Contract
Raleigh, NC— Waste Industries
USA, Inc., a regional, non-hazardous solid waste services company,
announced that it was awarded a five year municipal contract from
the City of Albany, Georgia to provide residential solid waste disposal
services to approximately 11,500 homes. The contract, which begins
April 1, 2004, represents approximately $2.4 million of annual revenue.
Jim A. Waters, vice president of the Georgia Division for Waste
Industries stated, “Albany is the home base of our South Georgia
operations and we are very proud to have the confidence of the City
to be their new service provider.”
Waste Industries USA, Inc. is a
regional solid waste services company that provides collection,
transfer, disposal and recycling services to over 500,000 commercial,
industrial and residential customer locations in the states of North
Carolina, South Carolina, Virginia, Tennessee, Mississippi, Georgia
Shows Improved Third-Quarter
Salt Lake City, UT— RecycleNet
Corporation improved operating results for the third quarter ended
RecycleNet which operates the leading
online trading platform for recyclable industrial materials, reported
net earnings of $27,800 on net revenues of $496,600 for the third
quarter, compared with a net loss of $3,800 on net revenues of $495,600
for the same period of last year.
For the nine months ended September
30, 2003, the company reported net earnings of $23,600 on net revenues
of $1,506,000 compared with net earnings of $9,000 on total net
revenues of $1,231,000 for the same period of 2002.
RecycleNet said revenues from the
company’s Internet portal product increased 61% this quarter
over last year, the second quarter in a row of robust growth. Traffic
at the portal also hit an all time high as more than 1.5 million
unique users per month visited the online recycling exchange. The
growth in the portal had a positive impact on gross profit, which
grew by 28% over last year.
As disclosed in the company’s
most recent 10-Q filing, RecycleNet hired consultants to help with
the company’s corporate branding, marketing and investor relations
efforts. As the consultants were paid in stock, the company anticipates
a $120,000 non-cash expense for its operating results in the fourth
quarter ending December 31, 2003.
Announces Partnership with Chartwell Information
Silver Spring, MD— The Solid
Waste Association of North America (SWANA) and Chartwell Information
has begun to offer discounts to SWANA members on certain Chartwell
products purchased at SWANAstore.com.
SWANA members can now take advantage
of a 10% discount on Chartwell Publications, including: Solid Waste
Digest, Solid Waste Industry Yearbook, Solid Waste Industry Review
Trends & Forecast, and the Directory & Atlas of Solid Waste