Business news digest

REGION

F.N.B. Capital finances
steel company purchase

PITTSBURGH — F.N.B. Capital Corp., the Pittsburgh-based merchant banking subsidiary of F.N.B. Corp., has provided capital financing for the purchase of Marwas Steel Co. of Scottdale, Pa. The purchase was led by James Philipkosky of MLP Steel. Financial details were not released.

MLP Steel, which will continue to do business as Marwas Steel Co., is one of the area’s leading manufacturers and fabricators of specialty steel wire and rod products. Marwas operates two divisions: Fayette Steel Co., which employs 34 in Scottsdale, and Laurel Steel, which employs 38 in Everson, Pa. F.N.B. Corp. is based in Hermitage, Pa.

OHIO

Auto parts maker Dana
emerges from bankruptcy

TOLEDO — Auto parts maker Dana Corp. emerged from bankruptcy Friday, a leaner company infused with cash from a private equity firm.

The maker of axles, brakes and other parts filed for bankruptcy protection in March 2006 at a time when big car makers were pressuring it to sell parts at lower prices.

It has sold three businesses, announced the closure of eight plants and struck a deal with unions creating a two-tier wage system. It also shifted retiree health-care costs to a union-controlled trust fund.

Dominion customers
to pay more for gas

CLEVELAND — Effective Feb. 18, Dominion East Ohio customers will pay a Standard Service Offer rate of $9.436 per thousand cubic feet (mcf) of natural gas. This is an increase of 9.6 percent from the January SSO of $8.612 per mcf. The new rate is 12.9 percent higher than the rate of $8.357 per mcf in place for February 2007.

Under the new filing, the average residential customer’s bill for the month of February 2008 would be $216.76, up 15.8 percent from the average bill of $187.12 in February 2007.

The SSO rate is paid by customers who buy their gas from the utility. The delivery or transportation rate of $3.006 per mcf is additional.

From Vindicator staff and wire reports