Contract extended


Contract extended

Warren

Severstal North America and the United Steelworkers of America have agreed to extend their current contract through the end of August. The contract extension will last about 120 days, Bette Kovach, a company spokeswoman, said Tuesday.

The contract extension will cover all union-represented steelworkers at Severstal Warren, as well as the company’s steel mills in Wheeling, W.Va., and Sparrows Point, Md., and Mountain State Carbon, Severstal’s coke-manufacturing facility in Follansbee, W.Va.

Union representatives could not be reached to comment.

ITC rules in favor of US steel industry

Washington

The International Trade Commission ruled the U.S. steel industry has been materially injured by $2.8 billion in underpriced imports of tubular goods from China. As a result of the ruling, the U.S. Department of Commerce can impose anti-dumping duties on these imports.

U.S. Reps. Tim Ryan of Niles, D-17th, Jason Altmire, D-Pa., and U.S. Sen. Sherrod Brown, D-Ohio, have praised the ruling.

GMAC posts profit

New York

GMAC Financial Services on Monday posted its first quarterly profit in more than a year and announced plans to rename itself Ally Financial Inc., as the consumer lender aims to put a failed foray into the mortgage business behind it.

The Detroit-based company reported first-quarter earnings of $162 million compared with a year-ago loss of $675 million as its mortgage unit swung to a pretax profit and its core automotive business posted its fifth-straight profitable quarter. The switch to the Ally Financial name marks a final break from the company’s heritage as a subsidiary of General Motors Co.

Vindicator staff/wire reports

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