Steel Mills
Claims to be Paid in Anti-Trust Suit
Written by Sandy Williams
October 25, 2015
Claimants in a steel anti-trust suit that has been ongoing since 2008 will finally receive some satisfaction. Last week, a U.S. District Court judge in Illinois approved the distribution of settlement funds for 1,857 claims totaling almost $103.7 million.
The settlement stems from a 2008 price fixing case involving eight steel manufacturers. Standard Iron Works and four other companies filed a lawsuit against ArcelorMittal, U.S. Steel, Commercial Metals Company, AK Steel Holding Corp., Gerdau Ameristeel Corp., Nucor, Steel Dynamics and SSAB, charging the steelmakers conspired “to manipulate the supply and price of steel products sold in the United States.” The period in question stretched from April 1, 2005 to December 31, 2007.
The first five companies listed above settled in October last year, denying wrong doing and the allegations against them. Following a year-long review of the settlement, recommendation was given by the claims administrator (Garden City Group) and class counsel for dispersal of funds to claimants.
“The claims process in this case has been thorough, straightforward and fair,” wrote Judge James B. Zagel in his memorandum opinion and order. “It seems clear to me that every class member’s claim has been evaluated pursuant to the same process and under the same standards. Accordingly, I am granting Plaintiffs’ motion.”
Litigation continues against the final three companies named in the suit: Nucor Corporation, Steel Dynamics, Inc., and SSAB.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor names Batterbee, Bledsoe to HR roles
Nucor Corp. has promoted Thomas J. Batterbee to the position EVP of human resources and talent and appointed Elizabeth Bledsoe to the newly created position of president of human resources and talent.
Millett sees tariffs, CORE case benefiting SDI
Steel Dynamics' top exec thinks Trump’s tariff policies, as well as the results from the recent CORE case, will prove advantageous to the Fort Wayne, Ind.-based steelmaker and aluminum company.
USW digs in on opposition to USS-Nippon deal
“We remain deeply concerned about the national and economic security implications of the subject transaction,” the union stated in the letter dated April 21.
SDI’s Q1 earnings slump on-year, but up sequentially
SDI earnings slip in first quarter year over year, but are up sequentially.
POSCO inks MoU with Hyundai on Louisiana EAF mill
POSCO has signed a Memorandum of Understanding (MoU) with Hyundai Motor Group that includes an equity investment in Hyundai’s previously announced EAF mill set to be built in Louisiana.