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Biostar Raises $3.6 Million

Fri, 06 Nov 2009 17:26:18 GMT

Biostar Pharmaceuticals has completed a private placement that raised $3.6 million in new capital. Biostar will use the proceeds to complete its new raw materials processing facility. By taking its raw material production in house, Biostar will lower costs and ensure its product quality. Biostar plans to sell excess raw materials to other pharmaceutical companies in the Shaanxi province.[More...]

Bulls Back On Track?

Fri, 06 Nov 2009 16:21:18 GMT

Good morning. With chants of "Dow 10K… Dow 10K" once again rising from the streets at the corner of Broad and Wall yesterday, it is easy to believe that the bulls are back on track and that we'll soon be looking at new highs for the stock market. And when reviewing the data inputs to yesterday's 204 point romp, it is also easy to don the Dow10K hat once again and join in on the celebration.[More...]

Ford's Main Problem: The UAW's Crippling Job Classifications And Work Rules

Fri, 06 Nov 2009 13:52:50 GMT

Ford's 2,215 page 2007 master contract with the UAW 1941 UAW-Ford contract[More...]

Your Kind of Day?

Thu, 05 Nov 2009 19:06:48 GMT

As a rule, I try not to read too terribly much into a "Fed Day" as there is usually a big batch of volatility that may or may not mean much of anything come the dawn of the next day. Maybe, it's just me. Or maybe there are others that find themselves inclined to simply stand aside and watch the nuttiness from the sidelines on "Fed Days." But in any event, the volatility after a Fed announcement, while fun to watch, may not be telling as to what to expect in the future.[More...]

The Dollar-Proof Portfolio

Thu, 05 Nov 2009 17:31:14 GMT

Don't put off this important piece of the financial-planning process.[More...]

What Investors Should Look for In Today’s Fed Statement

Wed, 04 Nov 2009 13:04:24 GMT

In its continuing efforts to nurture the fragile economic recovery, the U.S. Federal Reserve is widely expected to leave interest rates at record lows when it concludes its meeting today (Wednesday).[More...]

Are Discount Brokers Shares Worth Owning?

Wed, 04 Nov 2009 01:28:03 GMT

The third quarter was a favorable one for the longs. Except for a few short-lived, minor pullbacks stock prices moved higher through the quarter. Stock price volatility declined, takeover activity rose, and risk appetite improved to help the S&P gain 15%.[More...]

Technology Rises And Buying Facebook

Tue, 03 Nov 2009 16:54:11 GMT

Technology stocks have done well this year. The Technology Select Sector SPDR (XLK) bottomed out in March and by late October was up more than 60%. Tech has performed better than any other sector year-to-date – up 33.7% as of Friday’s close.[More...]

Buffett Gets His Cheque Book Out

Tue, 03 Nov 2009 16:17:34 GMT

Given the slew of positive economic data Monday you might have been forgiven for expecting a decent rebound in risk assets. There was a rebound of sorts in early New York trading, with the Dow up close to 150 points at one stage.[More...]

Five Ways To Ride The Commodities Bull

Tue, 03 Nov 2009 15:21:07 GMT

Commodity prices have faltered in the last couple of weeks, and much of the “smart money” is saying the boom is over. Don’t believe it.[More...]

Gerdau Ameristeel Announces 2009 Third Quarter Results

Thu, 05 Nov 2009 11:47:00 GMT

TAMPA, FL, Nov. 5 /CNW/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) today reported a net loss of $25.4 million ($0.06 per share fully diluted) for the three months ended September 30, 2009, in comparison to net income of $316.9 million ($0.73 per share fully diluted) for the three months ended September 30, 2008.
Included in these results is a $78.5 million pre-tax charge related to actions announced earlier this year to stop production at certain of the Company's steel mills and a pre-tax charge of $11.9 million related to the early extinguishment of certain debt obligations.
Excluding these charges, the Non-GAAP Adjusted Net Income was $33.5 million ($0.08 per share fully diluted).

[More...]

Gerdau Ameristeel Reports Early Adoption of International Financial Reporting Standards for the Year Commencing January 1, 2009

Tue, 22 Sep 2009 23:47:00 GMT

TAMPA, FL, Sept. 22 /CNW/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) (the "Company") is pleased to announce that on September 15, 2009, the Ontario Securities Commission (the "OSC") granted approval for the Company to adopt International Financial Reporting Standards ("IFRS") with an adoption date of January 1, 2009 and a transition date of January 1, 2008.
The Company believes that the adoption of IFRS is in the best interests of the Company and the users of its financial information because the adoption of IFRS will align the bases of accounting under which the Company and its majority shareholder, Gerdau S.A., prepare their financial statements and increase the comparability of the Company's financial statements to those of a number of global issuers, including competitors within the steel industry, who already prepare, or will soon be required to prepare, financial statements in accordance with IFRS.
The following discussion provides further information about the Company's conversion to IFRS.

[More...]

Gerdau Steel Plant Workers Must Choose Between Severance, Hiring Rights

Fri, 28 Aug 2009 23:48:00 GMT

Aug. 28--Gerdau Ameristeel's union workers in Sand Springs will have to choose between a severance package and their jobs if the company decides to idle the plant for two years.
The company and the local chapter of the United Steelworkers union agreed Thursday night that workers who request a severance will forfeit their recall rights, or the guarantee of being rehired if the mill reopens, Gerdau spokesman Phil Bell said.
Gerdau Ameristeel is weighing the option of idling the plant for two years to make upgrades or closing it entirely due to lower demand for steel and a drop in prices.

[More...]

Analyst Picks and Pans: Google, Steel Stocks

Mon, 20 Jul 2009 14:53:00 GMT

After the close of trading July 16, Google Inc. posted second-quarter revenue growth of 5% -- a stark contrast from recent quarters with growth rates of 30% or more.
Adjusted profit of $5.36 per share topped the average estimate of $5.09 per share among analysts polled by Thomson Reuters.
Keith Hughes, an analyst with SunTrust Robinson Humphrey, said July 17 the company's results were better than expected

[More...]

State OKs Disputed Alliant Efficiency Plan

Sat, 27 Jun 2009 14:46:00 GMT

Jun. 27--State regulators Thursday approved Interstate Power and Light's five-year energy efficiency plan, citing a weak economy and rising electric rates as it rejected calls for higher efficiency goals.
The Iowa Utilities Board approved a settlement between the utility and several intervenors in the case.
Participating in the settlement were the Iowa Office of Consumer Advocate, the Environmental Coalition and the Community Coalition.

[More...]

Gerdau Ameristeel Announces Suspension of Production and Mill Closure

Mon, 08 Jun 2009 21:48:00 GMT

TAMPA, FL, June 8 /CNW/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) announced today that it is suspending production at its Sayreville, New Jersey steel mill and closing its rolling mill in neighboring Perth Amboy, New Jersey due to lower demand for its products resulting from the downturn in the economy.
The company is also entering into discussions with the United Steel Workers regarding the potential closure of the Company's steel mill located in Sand Springs, Oklahoma.
Mario Longhi, President and CEO of Gerdau Ameristeel commented: "This was a very difficult decision that came after careful analysis and review of the marketplace, our production capabilities, and the most cost effective alternatives to meet the current and future needs of our customers throughout North America during this unprecedented economic downturn.

[More...]

Steel Workers Facing Layoffs

Tue, 05 May 2009 14:32:00 GMT

May 5--DINWIDDIE -- The parent company of the former Chaparral Steel Co. mill confirmed Monday that it is laying off employees at its locations in the United States and Canada, but declined to give specific information about the effect on their local operation.
Gerdau Ameristeel Corp., based in Toronto, acquired the "mini-mill" in Dinwiddie County as part of its $4.22 billion buyout of Chaparral in 2007.
Gerdau, which has its U.S. headquarters in Tampa, Fla., referred questions about the layoffs to its public relations firm, Burson-Marsteller.

[More...]

Rebuilding Lives

Sun, 26 Apr 2009 14:08:00 GMT

Apr. 26--PETERSBURG -- With temperatures soaring into the 90s, volunteers invested some true sweat equity in a dozen homes this weekend.
It was part of Rebuilding Together * Petersburg's 15th annual Rebuilding Days event, a two-weekend affair that started April 18.
Each year, the nonprofit picks a neighborhood in the city and sends volunteers door-to-door to find homeowners who could use help making their houses more livable, said Beth Kirby, Rebuilding Together * Petersburg's executive director.

[More...]

Jobless Rate Hits 25-Year High in Minnesota: The State Lost 13,300 Jobs Last Month, Fewer Than the 18,500 Lost in January, but the Jobless Rate Was 8.1%.

Fri, 20 Mar 2009 02:58:00 GMT

Mar. 20--Minnesota's unemployment rate jumped to 8.1 percent in February, the highest rate in 25 years.
Employers in the state shed 13,300 jobs last month, according to figures released Thursday by the Minnesota Department of Employment and Economic Development (DEED).
DEED Commissioner Dan McElroy pointed out that the pace of job losses in Minnesota is slowing but noted that Minnesota and the country are now shedding jobs at nearly the same rate.

[More...]

Ameristeel Swings to 4Q Loss

Thu, 19 Feb 2009 20:49:00 GMT

Feb. 19--International steelmaker Gerdau Ameristeel, which has a mill operation in Knoxville, said today it lost $1.3 billion, or $2.97 per diluted share for the fourth quarter of 2008, compared to a profit of $141.4 million, or $1.65 per diluted share, in the fourth quarter of 2007.
The loss for the quarter ended Dec. 31, 2008 includes a non-cash goodwill impairment charge of $1.2 billion.
For the year ended, Dec. 31, 2008, the company posted a loss of $542 million, compared to a profit of $538 million in 2007.

[More...]

Gerdau Ameristeel Announces Completion of 10 3/8% Senior Notes Redemption

Mon, 31 Aug 2009 20:05:00 GMT

TAMPA, FL, Aug. 31 /CNW/ - Gerdau Ameristeel Corporation (the "Company") (NYSE: GNA; TSX: GNA) today announced that it has completed the previously announced redemption of its $405 million 10 3/8% Senior Notes due 2011 (the "Notes") at a redemption price in the amount of $417,626,662, representing 101.792% of the outstanding principal amount plus accrued interest to the redemption date (the "Redemption Price"). The Redemption Price was paid entirely with cash and the Notes were paid in full and are no longer outstanding.[More...]

Gerdau Ameristeel Reaches Idling Agreement With the USW at the Company's Sand Springs Mill

Fri, 28 Aug 2009 13:49:00 GMT

TAMPA, FL, Aug. 28 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) announced today that it has reached agreement with the United Steel Workers (USW) regarding the suspension of production at the Company's steel mill located in Sand Springs, Oklahoma.
In connection with this action, the Company expects to incur an accounting charge within the range it announced on August 6, 2009.
Service to Gerdau Ameristeel customers will be uninterrupted and will be provided by the company's extensive network of mills in North America.

[More...]

Gerdau Ameristeel Announces 2009 Second Quarter Results

Thu, 06 Aug 2009 12:30:00 GMT

TAMPA, FL, Aug. 6 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation today reported a net loss of $57.6 million for the three months ended June 30, 2009, in comparison to net income of $262.1 million for the three months ended June 30, 2008. Included in these results is a $36.5 million pre-tax non-cash charge related to actions announced in early June to close or suspend production at certain of the Company's steel mills. Excluding these charges, the Non-GAAP Adjusted Net Loss was $30.7 million .[More...]

StreetInvesting.Com Free Research on AGN, DAL, CYH, GNA, JBL and DT

Tue, 04 Aug 2009 15:08:00 GMT

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[More...]

Notice of Gerdau Ameristeel 2009 second quarter conference call

Mon, 20 Jul 2009 19:56:00 GMT

- 2009 second quarter results to be released before markets open on Thursday, August 6, 2009 -[More...]

Gerdau Ameristeel Announces Intention to Redeem Its 10 3/8% Senior Notes Due at 2011

Fri, 17 Jul 2009 21:54:00 GMT

TAMPA, FL, July 17 /PRNewswire-FirstCall/ -- Gerdau Ameristeel Corporation (the "Company") (NYSE: GNA; TSX: GNA) today announced its intentions to fully redeem its $405 million 10 3/8% Senior Notes due 2011 on August 31, 2009.
The Company intends to fund the Redemption Price with cash.
Upon payment of the Redemption Price on the Redemption Date, all of the Company's 10 3/8% Senior Notes due 2011 will have been paid in full.

[More...]

Gerdau Ameristeel Announces Amendment of Term Loan

Mon, 22 Jun 2009 13:21:00 GMT

TAMPA, FL, June 22 /CNW/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) today announced that it has entered into an agreement with the lenders of the Company's Term Loan Facility which provides temporary flexibility with respect to the facility's covenants. The Term Loan Facility currently has US$ 2.6 billion of borrowings outstanding and Gerdau S.A. and certain of its Brazilian affiliates have guaranteed the Term Loan Facility since its inception in 2007.[More...]