REGION
REGION
Steelmakers' upgrades
YOUNGSTOWN -- The Ohio Steel Council said the state's steel producers invested 297 million in capital upgrades last year. It was the second-highest investment total since 2000. Last year's figures included several projects that were started in 2006 but are continuing. Among those are a 36.7 million walking-beam furnace that's being installed at WCI Steel in Warren and a 29.3 million baghouse that was completed recently at the mill. V & amp;M Star is in the process of investing 75 million in its Youngstown plant.
NATION
Gas prices keep rising
NEW YORK -- Gasoline prices stayed on their upward trajectory at the pump Tuesday, while gas and oil futures settled higher on news that protests in Nigeria have cut oil production by 170,000 barrels per day. The retail price of gas hit a record national average of 3.087 a gallon, up 1.4 cents overnight, according to AAA and the Oil Price Information Service. Prices are already approaching 4 a gallon in some parts of the country.
Home Depot profits drop
ATLANTA -- The Home Depot Inc. posted a 29.5 percent drop in first-quarter profit Tuesday and warned the rest of the year will be challenging. In its earnings report, meanwhile, Home Depot cited erratic weather and continued weakness in the housing market as contributors to its first-quarter profit drop. Home Depot said that for the three months ended April 29, it earned 1.05 billion, or 53 cents a share.
Tyco to settle claims
CONCORD, N.H. -- Tyco International Ltd. has agreed to pay about 3 billion to settle shareholder claims from one of the largest corporate fraud cases ever, ending uncertainty over the outcome of the legal battle as it prepares to split into three companies. Tyco said Tuesday it would set up a 2.975 billion cash fund to pay claims filed by shareholders against the company arising from actions by ex-chief executive L. Dennis Kozlowski and other top officers convicted of looting the company and inflating its value.
J.P. Morgan advises chain
DUBLIN, Ohio -- Wendy's International Inc. said on Tuesday that the nation's No. 3 hamburger chain has hired JP Morgan to advise a special board committee studying options for the company, which could include a possible sale. Lehman Brothers Inc. was chosen as a co-adviser.
Associated Press