Shares of AK Steel Holding Corp. fell Tuesday after the company forecast a larger-than-expected loss in the fourth quarter on lower steel prices and a large income tax charge. AK Steel expects to lose between 67 and 72 cents per share in the quarter. The company said it will ship more steel than it did in the third quarter, but prices will fall by about 5 percent.
The U.S. Department of Justice and the state Department of Environmental Protection have sued 17 companies in an attempt to recover some of the costs of cleaning up a Superfund site about 50 miles northwest of Pittsburgh. According to the complaint filed Friday, the site was run by Reactive Metals and Alloys Corp., or Remacor, which processed magnesium shavings and scrap until a 2005 fire destroyed facilities there.
The cause of a small explosion and fire at American Packaging Corp. in Columbus is under investigation. Fire officials say a sprinkler system helped contain the fire to the room where it started Monday. Workers were evacuated from the building. And, one person thought to be missing was later located outside.
The New Mexico peanut butter plant linked to a salmonella outbreak remains idle as officials wait for federal approval to reopen. Sunland Inc. spokeswoman Katalin Coburn declined Monday to estimate when operations at the country's largest organic peanut processing plant may resume, saying only that officials are awaiting a response from the Food and Drug Administration.
The phones had been expected late this year. The delay means the phones will miss the holiday shopping season and come months after the launch of a new iPhone. The delay could make it even harder for RIM to regain market share lost to Apple's iPhone and devices running Google's Android operating software.
Millions of jobs are waiting to be filled, but employers say they can't find qualified workers because of "the skills gap." It's not that the United States doesn't manufacture anymore. That's a myth. Companies are ready to grow, but they can't find the labor to take things to the next level.
It looks like a minivan. It has sliding doors like a minivan. So why isn't Ford calling its new seven-seater a minivan? For the same reason you don't wear mom jeans or listen to Barry Manilow: It's not cool. The Transit Connect Wagon will debut later this month at the Los Angeles Auto Show. It's set to go on sale late next fall.
Sorry to see 100-watt bulbs disappear from stores because they were energy hogs? You can now get LED bulbs that roughly match the 100-watters for size and brightness, but use far less energy. Until recently, your only alternative was a compact fluorescent bulb. LEDs don't contain any volatile, hazardous substances and are durable. They also last longer.
Hostess Brands Inc. is permanently closing three bakeries following a nationwide strike by its bakers union. The maker of Twinkies, Ding Dongs and Wonder Bread said Monday that the strike has prevented it from producing and delivering products, and it is closing bakeries in Seattle, St. Louis and Cincinnati. The facilities employ 627 workers.
Olympus Corp. says nearly 50 shareholders have filed a suit seeking 19.1 billion yen ($240 million) in compensation for their investment losses stemming from a massive accounting scandal. The Japanese camera and medical equipment maker said Tuesday that 48 mostly foreign institutional investors and pension funds filed the suit in Tokyo District Court in June.
Hitachi Metals and Hitachi Cable announced that they plan to merge in April to expand their businesses overseas and boost their competitiveness against foreign rivals amid the shrinking Japanese market. The merger of the two subsidiaries of Hitachi Ltd. will create an industrial product maker with around 1 trillion yen in annual revenue, based on their annual sales reported for the year ended March.
Struggling photo pioneer Eastman Kodak Co. said Monday that it has reached an agreement to borrow $793 million, an important step in letting it leave bankruptcy protection in the first half of next year. The deal is contingent on Kodak being able to sell its patent portfolio for at least $500 million.
“Does my plant need an overall equipment effectiveness (OEE) system?” That question is top of mind for many plant managers intent on measuring and improving productivity. OEE is a simple performance indicator to which all managers can relate. But using an OEE score alone to reduce costs is like using a credit score to reduce monthly expenses. A credit score doesn’t provide any guidance in terms of actual performance and root causes.
The resilience of the U.S. manufacturing sector and the slow, but stable overall economic growth, may have been attractive for strategic, long-term investors. Moreover, the value of North American targets far exceeded the value of targets from any other region, an indication of both the size and maturity of targets from this region and the fairly attractive nature of the North American manufacturing market.
Capital goods maker Fiat Industrial on Monday announced a new management structure aimed at making it easier to merge with its U.S. subsidiary CNH Global N.V., the agriculture equipment maker. Fiat Industrial said it has created a 20-seat Group Executive Council, which will be headed by Chairman Sergio Marchionne and CNH CEO Richard Tobin in the new position of group chief operating officer.
Research In Motion said Monday that it will hold an official launch event for its new BlackBerry 10 smartphones on Jan. 30. The new phones are seen as critical to RIM's survival. The Waterloo, Ontario-based company said Monday details on the much-delayed smartphones and their availability will be announced at the event.
Osamu Suzuki, president and chairman of Suzuki Motor Corp., said Monday his company aims to produce 100,000 vehicles at its new plant in the eastern Thai province of Rayong in 2016. "This facility will complement a plant in Indonesia as a major foothold in Southeast Asia," Suzuki said at the opening ceremony of the Thai plant.
Trina Solar Ltd. lowered its third-quarter guidance on Monday, citing industry-wide oversupply and lower prices. The Chinese solar panel maker estimates shipments in the third quarter between 375 and 385 megawatts, down from previous guidance of 450 to 480 megawatts. The company said margins were squeezed by anti-dumping duties in the U.S. and an inventory write-down.
India's industrial production contracted 0.4 percent in September, government data showed Monday, far worse than expected as manufacturing output continued to slump amid signs of weakness in investment and consumer demand. The results indicate that Asia's third largest economy still has a way to go to pull itself out of its current slowdown.
Sherwin-Williams is buying the privately held Mexican paint company Consorcio Comex in an all-cash deal valued at about $2.34 billion. Consorcio Comex, S.A. de C.V., sells paints and coatings under several brands in the United States and Canada, and it sells architectural and industrial coatings in Mexico. It has company-operated stores and also works with independent paint dealers.