Key Developments: Grupo Simec SAB de CV (SIM.A)
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Latest Key Developments (Source: Significant Developments)
Grupo Simec SAB de CV Clarifies Contract With United States Steel
Grupo Simec SAB de CV (Simec) announced that it wished to clarify their contract with United States Steel. During the 5-year contract, Simec will supply Tube Rounds to the United States Steel Tubular Products Division. The Company estimates that the contract will generate sales of approximately USD 1.3 billion dollars. The steel will be manufactured at the new Electric Arc Furnace that is being installed at Republic Steel in Lorain, Ohio. This contract alone will utilize 30% of the total capacity of this equipment, which will be coming into operation at the end of the second semester of 2013. Full Article
Grupo Simec SAB de CV's Subsidiary Enters Agreement With United States Steel Corporation
Grupo Simec SAB de CV (Simec) announced that its subsidiary Republic Steel has entered into a five year supply agreement with United States Steel Corporation, to provide Tube Rounds to the U.S. Steel Tubular Products Division. Republic is committed to supply an annual minimum of 225,000 tons, but could be as much as 450,000 tons, starting in January 2014. The steel will be produced in the new Electric Arc Furnace that is being installed at its Lorain, Ohio plant which will have an annual capacity of one million two hundred thousand tons per year, and will start operations in the second half of 2013. Full Article
Grupo Simec SAB de CV Announces Repurchases Of Own Shares
Grupo Simec SAB de CV announced that it has authorized a repurchase fund of $ 1,000 million pesos, which will be used to support interested investors in generating greater liquidity of its stock in the market, buying stocks when needed and selling them when there is excess of demand. Full Article
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