Maverick Tube Corp. reported 2005 sales increased to $1.8 billion from $1.3 billion the prior year, including results from the acquisition of South America's Tubos del Caribe. Net income for the year dropped by $21.5 million to $172.3 million.
China's crude steel production last year approached 350 million tons and the country's share of world total output rose from just over 26% in 2004 to almost 31% in 2005, according to MEPS International Steel Review (www.meps.co.uk).
Economic growth in the United States will continue in 2006 and manufacturing expectations remain at a relatively high level, say the nation's purchasing and supply management executives in their 70th Semiannual Economic Forecast. The forecast was issued in mid-December by the Business Survey Committee of the Institute for Supply Management (ISM).
Under the five-year (sunset) review process required by the Uruguay Round Agreements Act, the U.S. International Trade Commission (ITC) determined that revoking the existing antidumping duty orders on forged stainless steel flanges from India and Taiwan would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time.
Flowserve Corp. announced that it has sold assets of its General Services Group (GSG) to Furmanite Worldwide Inc., a unit of Dallas-based Xanser Corp., for approximately $16 million in gross cash proceeds, while retaining approximately $12 million of net accounts receivable.
Edgen Corp. said that Jefferies Capital Partners, its principal shareholder, has agreed to acquire Murray International Metals Ltd. (“MIM”) of Edinburgh, Scotland, through a newly formed acquisition company.