ING Groep NV (NYSE:ISG)
Historical Stock Chart
From Dec 2019 to Dec 2024
International Steel Group to Restart 110-Inch Plate Mill at Burns
Harbor, Indiana Plant
RICHFIELD, Ohio, Dec. 20 /PRNewswire-FirstCall/ -- In response to increasing
customer needs, International Steel Group Inc. (NYSE:ISG) today announced plans
to restart its idled 110-inch plate mill located at the company's Burns Harbor
facility in Burns Harbor, Indiana. The mill is expected to begin production
early in the second quarter of 2005 and to employ an additional 80 employees at
the Burns Harbor facility, ISG's largest plant.
"Restarting our 110-inch plate mill is another exciting advancement in the
growth of our business," said Rodney B. Mott, president and chief executive
officer. "Our decision to return this mill to operation is driven by
increasing customer demand and our desire to quickly respond to the needs of
our valued customers. This restart will provide ISG additional flexibility to
better meet our customers' growth and project opportunities."
The 110-inch plate mill, one of the most modern in North America, is capable of
producing carbon, high-strength low-alloy and alloy plate. Markets for these
products represent a wide range of industries, including rail, construction,
shipbuilding, oil and gas exploration and production, and machinery, all of
which are currently served by ISG. The ISG Plate Division also is a major
supplier of armored plate products that are used to protect the U.S. Armed
Forces serving in Iraq and elsewhere.
"The restart of the 110-inch plate mill, while offering long-term suitable
employment to our members, is very positive news for our employees and our
customers, as well," said Paul Gipson, president, USWA Local Union 6787. "For
more than a decade, the domestic plate industry has been fragmented in a weak
market. The continuing consolidation of the steel industry has led to a more
stable environment for the operation of this mill. The start-up of this modern
facility further validates the successful partnership forged between the USWA
and ISG. Our combined efforts will undoubtedly contribute to the tremendous
success of this facility."
The Burns Harbor plant employs approximately 3,700 persons. It is one of five
fully integrated raw steel-making facilities owned and operated by ISG. The
plant is located on the southern shore of Lake Michigan in northwest Indiana,
approximately 45 miles east of Chicago, Ill.
About International Steel Group Inc.
International Steel Group Inc. is one of the largest steel producers in North
America. It produces a variety of steel products including hot-rolled,
cold-rolled and coated sheets, tin mill products, carbon and alloy plates, rail
products and semi-finished shapes to serve the automotive, construction, pipe
and tube, appliance, container and machinery markets. For additional
information on ISG, visit http://www.intlsteel.com/ .
Forward-Looking Statements
Statements in this release that are not historical facts, including statements
accompanied by words such as "will," "believe," "expect," "estimate," or
similar terms, are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward- looking statements involve
risks and uncertainties that may cause actual results or events to differ
materially from those expressed or implied in such statements. These
statements contain time-sensitive information that reflects management's best
analysis only as of the date of this release. ISG does not undertake any
ongoing obligation, other than that imposed by law, to publicly update or
revise any forward-looking statements to reflect future events, information or
circumstances that arise after the date of this release. Factors that may cause
actual results and performance to differ materially from those in the
forward-looking statements include, but are not limited to, negative overall
economic conditions or conditions in the markets served; competition within the
steel industry; changes in U.S. or foreign trade policy affecting steel imports
or exports; changes in foreign currencies affecting the strength of the U.S.
dollar; actions by domestic and foreign competitors; the inability to achieve
the Company's anticipated growth objectives; changes in availability or cost of
raw materials, energy or other supplies; labor issues affecting the Company's
workforce or the steel industry generally; and the inability to implement the
Company's operating culture and philosophy at acquired facilities. Further
information concerning issues that could materially affect financial
performance related to forward-looking statements can be found in ISG's filings
with the Securities and Exchange Commission.
DATASOURCE: International Steel Group Inc.
CONTACT: Investor Relations, Blaise Derrico, Manager, Investor
Relations, +1-330-659-7430, or Media, Charles T. Glazer, Manager,
Communications and Public Relations, +1-330-659-9121, both of International
Steel Group Inc.
Web site: http://www.intlsteel.com/