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US Steel plant resumes limited operations PDF  | Print |  E-mail
Written by Associated Press   
Monday, 07 April 2014 13:26

INDIANAPOLIS (AP) — U.S. Steel says its largest mill is on limited production, after a shortage of vital iron ore due to the ice covering Lake Superior had temporarily shut down its furnaces.

Company spokeswoman Courtney Boone said Monday that ships were able to bring ore to the sprawling Gary Works on Sunday despite lingering ice from the frigid winter. She would not specify the level of production or estimate the cost of the shutdown. She said U.S Steel hopes to get more ore to the mill this week.

The mill, which feeds steel to big industries, was shut down for about a week.

A spokesman for the Great Lakes shipping industry says iron ore stockpiles are running low in many places and coal shipments are down 70 percent from a year ago.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Lands' End starts trading as public company PDF  | Print |  E-mail
Written by Associated Press   
Monday, 07 April 2014 11:04

NEW YORK (AP) — Lands' End shares are falling in its first day as a separate public company after being spun off from Sears.

The company's stock dropped $2.17, or 6.8 percent, to $29.50 in Monday morning trading.

Lands' End was publicly traded before Sears Holdings Corp. purchased it in 2002 for nearly $2 billion. Sears hasn't had much success with it though, and announced in December that it was going to spin off the clothing business as a separate company by distributing stock to its shareholders. It closed on the spinoff on Friday.

Sears received gross proceeds of $500 million from the separation. That consisted of a cash dividend paid by Lands' End to a subsidiary of Sears Holdings before the spinoff.

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Church wants Wal-Mart investor vote on gun sales PDF  | Print |  E-mail
Written by RANDALL CHASE, AP Business Writer   
Monday, 07 April 2014 12:59

WILMINGTON, Del. (AP) — Attorneys for a church in Manhattan are asking a federal judge in Delaware to prohibit Wal-Mart from sending its annual proxy statement to shareholders because it doesn't include its proposal for a shareholder vote involving gun sales.

The Episcopal parish that includes Trinity Church on Wall Street wants shareholders to vote on whether the board of Wal-Mart Stores Inc. should oversee management policy decisions on whether to sell products considered especially dangerous, harmful to Wal-Mart's reputation, or offensive to community and family values.

The proposal is aimed particularly at sales of guns with magazines holding more than 10 rounds.

Wal-Mart says it is not required to include the proposal in its proxy statement because it deals with ordinary business operations, an argument accepted by the Securities and Exchange Commission.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Mallinckrodt buying Questcor for about $5.6B PDF  | Print |  E-mail
Written by Associated Press   
Monday, 07 April 2014 11:01

ANAHEIM, Calif. (AP) — Mallinckrodt is buying California-based Questcor Pharmaceuticals Inc. for a combination of stock and cash valued at about $5.6 billion that will help to further diversify the Irish company's business.

Mallinckrodt makes a range of specialty pharmaceuticals. Questcor's primary product is H.P. Acthar Gel, which is used in the management of autoimmune and inflammatory conditions. It is approved in the U.S. for treating 19 indications.

"The increased cash flow and scale of operations of a combined Questcor/Mallinckrodt organization will provide an even stronger platform to support the expansion of Acthar into new therapeutic areas," Questcor President and CEO Don Bailey said in a statement.

Questcor stockholders will receive $30.00 per share in cash and 0.897 Mallinckrodt shares for each Questcor share they own, for a total consideration of approximately $86.10 per Questcor share. Questcor is based in Anaheim, Calif.

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