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twitterShares rise in first trading day
Friday, Dec. 12, 2003 | 9:22 a.m.
NEW YORK -- International Steel Group Inc., the first U.S. Steel company to sell shares to the public in seven years, rose as much as 20 percent in its first day of trading on the New York Stock Exchange.
Shares of the Richfield, Ohio-based company rose $5.50 to $33.50 at 10:08 a.m. International Steel, North America's second- largest steelmaker, raised $462 million yesterday after boosting the number of shares offered and their price to $28 each.
The world's major currencies have risen about 13 percent against the dollar and shipping rates have doubled since Wilbur Ross bought the assets of bankrupt LTV Corp. in 2002. Shares of International Steel's bigger rival U.S. Steel have more than doubled this year to $30.26 today on optimism the improving economy and Chinese demand will support steel price increases.
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