ISG buys wire rod plant
International Steel Group Inc. has bought the assets of Georgetown Steel Co.'s Georgetown, S.C., plant, which manufactures wire rod used to make tire cord and other fine drawn products.
ISG paid $18 million in cash and assumed liabilities for the assets. Georgetown Steel has been operating under Chapter 11 bankruptcy protection since October 2003 and the plant has been idle since then, ISG said.
The Georgetown factory has an annual steel-making capacity of 1 million tons and rolling capacity of 800,000 tons, ISG said.
Companies to boost prices
Sartomer Co. has increased prices for its Norsolene-brand hydrocarbon resins by 3 cents per pound while Eliokem Inc. will boost prices July 15 for its Chemigum elastomers in the U.S. and Canada.
Sartomer cited rising raw material and energy costs for the price hike. The hydrocarbons are used as raw materials for coatings, adhesives, inks, elastomers and other applications.
Eliokem's increases, ranging from 5 to 10 percent depending on the grade, also are in response to rising raw material and energy costs, a situation the company expects to continue in the coming months.
Goodyear closes notes offering
Goodyear has closed its offering of $350 million in convertible notes that will be used to reduce corporate obligations, including temporary repayment of the firm's revolving credit facilities.
The senior secured obligations are due June 15, 2034, and will bear an interest rate of 4 percent, according to the company. The notes are convertible into shares of Goodyear common stock, initially at a rate of 83 shares of common stock per $1,000 principal amount of notes. That converts to a price of about $12 per share.
Second asphalt conference slated
A second Rubber-Modified Asphalt Conference will take place in the future, according to Ed Miller, executive director of the ACS Rubber Division.
The organization was one of several sponsors of the initial meeting, held in Grand Rapids, Mich., following the division's spring convention. The conference drew 120 participants.
IISRP picks officers
The International Institute of Synthetic Rubber Producers has elected Steve Wood, CEO of Kraton Polymers L.L.C., international president for 2004-05.
He succeeds Zdzislaw Ingielewicz, president and general manager of Dwory S.A., who now becomes the international past president, the IISRP said. Wood also will serve as Americas Section president while Jorge Pelaez of DESC will be vice president
In addition, the institute's executive committee for 2004-05 will include: Far East Section, Yang Jigang of PetroChina, president, and Nobuyuki Takahashi of UBE Industries, vice president; European Section, Igor Golberg of Efremov, president, and Maurits Van Tol of DSM Elastomers, vice president.
Columbian Chemicals Co.'s Brazilian operation, Columbian Chemicals Brazil, has been awarded the 2003-04 Top Rubber Award in the raw material category by representatives of the Brazilian polymers market and readers of the industry publication ``Borracha Atual''....Toyo Tire (U.S.A.) Corp. has received ISO 9001:2000 certification....Polymer TransAction Advisors Inc. has come out with a monthly mergers and acquisitions newsletter on its Web site, www.polymertrans.com, that provides the polymer industry with commentary, statistical data, selected pricing information, and the status and outlook for mergers, acquisitions, joint ventures and other alliances globally....Rhein Chemie Corp.'s Chardon, Ohio, laboratory has earned ISO/IEC 1702f5 accreditation by the American Association for Laboratory Accreditation....Great Lakes Chemical Corp. has dropped all price protection mechanisms for its customers for its flame retardants and bromine performance products.