Moody's ups Oregon Steel Mills

Moody's Investors Service said it upgraded its ratings for Oregon Steel Mills, Inc., raising the company's corporate family rating to Ba3 from B1.

Moody's noted the upgrade considers the continuation of strong financial performance and favorable steel market conditions, as well as beneficial new investments the company is making to bolster its asset and product base.

The outlook remains stable.

The agency added a surprising negative development through the first half of 2005 was the lower sales of plate and coil and rod and bar. The combined impact of the sales decline and a need to build semi-finished inventory in advance of the planned melt shop outage has been a significant increase in inventory, about $100 million since December 31, 2004.

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