Latrobe Steel talks set
Latrobe Specialty Steel Co. and its union will return to the bargaining table today in the first negotiating session since June 10, said Lisa Pierce, spokeswoman for the steel company. United Steelworkers Local 1537, which represents about 340 workers at the plant, has been off the job since May 1. The union presented the company with a counterproposal earlier this month, and the company said it was reviewing the proposal. Workers went on strike after rejecting a new contract offer April 30. The USW has contended its workers have been locked out since May 9, when the union agreed to return to the job and the company rejected the deal. Kevin Caruso, president of USW Local 1537, could not be reached for comment.
Esmark 'pill' draws ire
Russian steelmaker OAO Severstal says it's disappointed in Esmark Inc.'s tactic to stave off a $670 million takeover bid, saying the move tips the scales to an India-based steel producer. The metals and mining company's offer to purchase Esmark is backed by the United Steelworkers union, but the Wheeling-based company is interested in Essar Steel Holdings Ltd.'s $750 million offer. Severstal's comments follow last week's decision by Esmark's board to adopt a stockholders rights agreement. The so-called "poison pill" agreement would allow Esmark to issue more stock if a stockholder acquires 15 percent or more of Esmark's common stock. The agreement does not apply to offers submitted by the union as part of its collective bargaining agreement with Esmark.
Firefox updates browser
The new version of the Firefox Web browser became available as a free download Tuesday. The release was delayed nearly two hours as visitors checking for the update overloaded Firefox's Web servers, which were slow or unreachable at times. Firefox supporters organized launch parties around the world as they tried to set a world record for most software downloads in a 24-hour period. The category is new, and Guinness World Records must certify it, a process that could take a week or longer.
EEOC sues Leetsdale firm
The U.S. Equal Employment Opportunity Commission filed a federal lawsuit against Hussey Copper Ltd. in Leetsdale for allegedly refusing to hire a man because he participated in a drug rehabilitation program. The commission said in the lawsuit filed in Pittsburgh that Hussey offered to hire Donald Teaford as a production worker in July 2007, contingent upon his passing a physical exam and background check. Hussey refused to hire Teaford after it learned he was taking methadone, the suit said. Hussey's refusal to hire Teaford because of his record of a disability due to drug addiction violates the Americans With Disabilities Act. The lawsuit seeks back pay and compensatory damages. Hussey human resources director James Clayton could not be reached for comment.
Maxim merger approved
Maxim Crane Works Holdings, Inc. said its stockholders approved an agreement for the company to be acquired by Platinum Equity Capital Partners II LP of Beverly Hills, Calif. Platinum Equity, which specializes in mergers and acquisitions and operation of other companies, will pay $42.50 in cash for all the outstanding stock of Collier-based Maxim, said to be the nation's leading coast-to-coast, full-service crane rental company. The merger is expected to be completed on or before June 30, the company said.
PR group to meet in city
About 300 public relations professionals and media from across the country are expected to attend the Public Relations Society of America's Travel & Tourism national conference being held today through Friday at the Westin Convention Center Hotel, Downtown. VisitPittsburgh, the region's convention and visitor's bureau, is hosting the three-day event, which is presented in partnership with the Society of American Travel Writers Associates Council.
Earnings
• Goldman Sachs Group Inc., the world's largest investment bank, on Tuesday said second-quarter earnings fell about 10 percent but still easily beat lower Wall Street expectations on higher fees from asset management and stock underwriting. The company reported a profit of $2.05 billion, or $4.58 per share, for the three months ended May 30 compared to $2.29 billion, or $4.93 per share a year earlier. Revenue fell 7 percent to $9.42 billion from $10.18 billion a year earlier.
Other business news
• GE Transportation won a $96 million contract to upgrade the signaling and communications equipment of a public transit system in Rotterdam, the Netherlands. The Erie-based subsidiary of General Electric Co. said Tuesday the Rotterdam Metro contract is GE's largest-ever rail signaling project and its first full-scale European metro project.
• Westmoreland Community Federal Credit Union plans to break ground on a new branch in Harrison City in Westmoreland County, on June 25. The credit union has two branches, both in Greensburg.
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