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Select Industry Portland
Oregon Steel Announces Receipt of 510,000 Ton Large
Diameter Pipe Order
Portland -
PORTLAND -- Oregon Steel Mills, Inc. (NYSE:OS) announced today
that it was awarded a contract to supply large diameter pipe for
the Rockies Express Pipeline LLC Project ("REX"), a new 1,323 mile
natural gas pipeline which will originate near Cheyenne, Wyoming,
and extend into eastern Ohio ("Project"). Construction of the
pipeline is anticipated to begin in May of 2007. The contract is for
approximately 510,000 tons of 42 inch X-80 grade large diameter
line pipe ("Pipe"). In addition to the firm order, REX also has an
option, through March 14, 2006, to purchase an additional
350,000 tons of Pipe from Oregon Steel.
Oregon Steel is expected to begin production of the Pipe for the
Project beginning in the fourth quarter of 2006 at Oregon Steel's
pipe mills located in Camrose, Alberta, Canada, and Portland,
Oregon. With the receipt of this order, Oregon Steel anticipates
that its large diameter pipe mills, as currently configured, will be
near their rated capacities into the fourth quarter of 2007.
Oregon Steel Mills, Inc. is organized into two divisions. The Oregon
Steel Division produces steel plate, coil, welded pipe and structural
tubing from plants located in Portland, Oregon and Camrose,
Alberta, Canada. The Rocky Mountain Steel Mills Division, located
in Pueblo, Colorado, produces steel rail, rod, bar, and tubular
products.
Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are subject
to risks and uncertainties and actual results could differ materially
from those projected. Such risks and uncertainties include, but are
not limited to, general business and economic conditions;
competitive products and pricing, as well as fluctuations in
demand; cost and availability of raw materials; potential
equipment malfunction; contract cancellations; and plant
construction and repair delays. For more detailed information,
please review the discussion of risks, which may cause results to
differ materially, in the Company's most recently filed Form 10-K,
Form 10-Q and other SEC reports.
These forward-looking statements should not be relied upon as
representing the Company's views as of any subsequent date and
the Company undertakes no obligation to update or revise the
forward-looking statements, whether as a result of new
information, future events or otherwise, after the date they are
made.
Posted on: 6
Wednesday, March 01, 2006 03:03 AM
6/4/2010
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