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
Cleveland-Cliffs quietly removes name from Steelton mill
The Cleveland-Cliffs name has been removed from its idled Steelton rail mill. SMU asked Cliffs about the move and if it might signal that it is selling the mill...
Nucor sees sequentially lower Q3 profits across all three business segments
Nucor's third-quarter earnings will be down quarter-over-quarter, but still higher than a year earlier.
Hyundai still on for Louisiana steel mill despite US raid at Georgia battery plant
Hyundai has reaffirmed its commitment to build a steel plant in Louisiana following a US government immigration raid at its battery facility in Georgia.
Hybar lowers output forecast, owning up to EAF startup delay
Hybar LLC’s rebar mill in Osceola, Ark., is now melting scrap and will soon be fulfilling orders, according to CEO David Stickler, despite a six-to-eight-week delay caused by commissioning the world’s first Aura electrical system.
Steel Dynamics guides to more metal, more money in Q3
Steel Dynamics Inc. is bullish heading into the close of the third quarter, with all three of its operating segments tracking higher.