An unknown number of Adelphia Cable's former Western Pennsylvaniahigh-speed Internet customers have been without service since Sundaymorning. The problems occurred as Comcast Corp., which splitbankrupt Adelphia's customer base in a $17 billion deal with Time-Warner, began moving the region's Adelphia customers to the Comcastsystem. Comcast spokesman Jody Doherty said the number of customersaffected was a "very small percentage," and that the company wascurrently identifying affected subscribers and working to correctthe problems. Doherty said she didn't know how long subscribers willbe without Internet service.
Steel shares up again
Shares of U.S. Steel Corp. and Nucor Corp., the biggest U.S.,steelmakers, surged on renewed speculation they may be takeovertargets as India's Tata Steel Ltd. weighs a bid for Corus Group Plc."I do expect more consolidation in steel," billionaire investorWilbur Ross, a director at Mittal Steel Co., the world's largeststeelmaker, said Monday in a interview. "What has provoked this isMittal's merger with Arcelor. It's made people think: 'Do we want tobe the predator and acquire someone else, or are we willing to bethe prey?"' U.S. Steel, the biggest U.S. steelmaker by 2005 revenue,gained $2.85, or 4.7 percent, to $63.39. Nucor, the second-largest,rose $1.55, or 3 percent, to $52.67. On Thursday, U.S. Steel surged8.4 percent, and Nucor jumped 6.6 percent.
Stocks finish higher
Stocks rose slightly Monday, with the Dow Jones industrialaverage briefly touching a new intraday trading high, after the U.N.Security Council condemned North Korea over its claim of anunderground nuclear test. Wall Street had opened the session lowerafter North Korea announced it had set off an atomic weaponunderground. Reports that OPEC was near announcing its first outputcut in two years sent oil prices higher. But stock prices turnedmixed by midday and were higher by early afternoon. The Dow Jonesindustrial average rose 7.60, or 0.06 percent, to 11,857.81. The Dowremains near its record closing high of 11,866.69.
Esmark confident of backing
Esmark Inc, a closely held U.S. steel distributor, said itexpects a majority of Wheeling-Pittsburgh Corp. shareholders tosupport its plans to merge the two companies, thwarting an offerfrom Cia. Siderurgica Nacional SA. Esmark is proposing analternative slate of directors at Wheeling-Pittsburgh's annualshareholder meeting on Nov. 17 which, if elected, will strike downWheeling-Pittsburgh's proposed merger with Brazil's CSN, CraigBouchard, president and co-founder of Chicago-based Esmark, saidMonday in an interview. "Going into the Nov. 17 meeting, our goal isto have 70 percent of Wheeling-Pittsburgh's shareholders voting forour slate of directors," Bouchard said. "Given our visits withinvestors, we are highly confident that we'll have that."
UPMC net income jumps
The University of Pittsburgh Medical Center's fiscal year netincome jumped 78 percent, as operating revenues and investmentincome substantially rose, audited financial statements show. Forthe year ending June 30, the region's dominant health care providerreported revenues over expenses totalling more than $514 million, upfrom $289 million one year earlier. Total operating revenue frompatients and insurance enrollment increased 13.6 percent to $5.7billion from $5 billion, while investment income jumped 860 percent,to $206.6 million from $21.5 million. UPMC's results were unchangedfrom earlier unaudited results.
AGH, nurses to talks
Unionized nurses at Allegheny General Hospital, North Side, planto resume bargaining today to reach an agreement before their laborpact expires on Friday. Negotiations also are planned for Wednesdayand Thursday, said Cathy Stoddart, secretary-treasurer for theAllegheny General nurses' chapter of the Service EmployeesInternational Union Local 1199P. Nurses voted last week to authorizea strike, but must give the National Labor Relations Board a 10-daynotice before walking off the job, Stoddart said.
Northwest, union in deal
Northwest Airlines Corp. and its striking mechanics announced atentative agreement on Monday that would end the 14-month-oldstrike, but would give few workers their jobs back. Approval byunion members would end a walkout that began in August 2005 but longago ceased to have any visible impact on the airline, which hiredpermanent replacements and outside contractors to replace thestriking members of the Aircraft Mechanics Fraternal Association.Northwest said replacement workers would keep their jobs. Roughly4,400 Northwest mechanics, cleaners and custodians walked out onAug. 20, 2005, rather than accept pay cuts, work rule changes, andlayoffs.
Other business news
* Wabtec Corp. on Monday said it acquired Schaefer EquipmentInc., Warren, Ohio, for $36 million in cash. Founded in 1914,Schaefer Equipment manufactures forged brake-rigging components forfreight cars. The company has annual sales of about $30 million andabout 70 employees. Wabtec said the acquisition of SchaeferEquipment broadens its line of engineered brake components, andexpects the deal to immediately add to earnings.
* Mylan Laboratories Inc. was among a dozen generic-drugcompanies sued by Schering-Plough Corp. to block a low-cost versionof its Clarinex allergy medicine. The 12 companies are seeking U.S.Food and Drug Administration approval to sell versions of Clarinexonce the patent expires Oct. 1, 2007. Schering-Plough contends twoadditional patents protect the drug from generic competition until2022.
* Pittsburgh-area stocks rose on Monday. The Bloomberg PittsburghIndex of 67 local stocks rose 1.53 to 297.75.
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