Steel Mills
Nucor and Reliance Steel Request New Trial after $156M Judgment
Written by Sandy Williams
May 6, 2014
The $156 million judgment against Nucor, Reliance Steel & Aluminum, American Alloy Steel and JSW Steel (USA) will be delayed two weeks while the defendants file a motion for a new trial in the anti-trust lawsuit brought by MM Steel LLC.
Last week US District Judge Kenneth Hoyt ruled that a $52 million jury verdict against the steel companies would be tripled. According to court documents, the defendants agreed to split the judgment but were unwilling to reveal the details to MM Steel. There are indications that MM Steel may be willing to work towards a settlement of the case after the companies appealed the verdict judgment.
In the motion to delay the judgment, Hoyt said, “MM Steel cannot negotiate reasonable settlements with the defendants without knowing the contract limits they face in the undisclosed agreement.” (Source: Law 360)
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nippon could up investment in USS facilities to $7B: Report
It's the latest twist as the proxy battle heats up for Pittsburgh-based U.S. Steel.
Hybar expansion still on the table as Arkansas mill startup nears
As Hybar nears the completion of its $700-million rebar mill in Arkansas, the company said it is still “actively considering” building other steel facilities in the southern US.
Global steel production edges lower in February
February’s global raw steel output is tied with last December's for the fourth-lowest monthly production rate recorded over the past two years.
Fate of U.S. Steel hangs in the balance
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.
Cliffs to idle Dearborn blast furnace, restart Cleveland furnace by July
Cleveland-Cliffs has decided to idle the steelmaking operations at its Dearborn Works in Michigan due to weak automotive demand.