Moody's ups Oregon Steel Mills notes to B1

Moody's Investors Service said it upgraded its ratings for Oregon Steel Mills Inc., raising the company's senior implied rating to B1 from B2. The outlook is stable.

Also upgraded were Oregon Steel's 10% guaranteed first-mortgage notes due 2009 to B1 from B2 and senior unsecured issuer rating to B2 from B3.

Moody's said the upgrade reflects the company's vastly improved financial and operating performance, a more stable market strategy and product mix, the resolution of long-running labor issues at its Rocky Mountain Steel Mills subsidiary and strong liquidity.

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