AK Steel reportedly in takeover discussions

AK Steel shares rose 7 percent yesterday after the Financial Times reported the company was in talks with potential buyers. The shares have gained 37 percent this year. AK Steel has been in talks with potential buyers and is seeking an all-cash bid, the Financial Times said, citing unidentified sources. ThyssenKrupp AG, Evraz Group SA, Cia. Siderurgica Nacional and OAO Severstal have been evaluating the company, which "informally" made itself available for a takeover months ago, the Times said on its Web site, repeating a July 29 report from dealreporter.com. Shares rose $4.15 to $63.50.

Highmark unveils short-term coverage

Highmark Inc. said yesterday that it was introducing today a short-term health insurance product for those who may be between jobs, recent college graduates, and for those awaiting longer-term insurance. The coverage, called ShortTermBlue, is for a maximum of 180 days, and offers deductibles of $250, $500 or $1,000 that are used to determine monthly premiums. Some of the services partially or fully covered include outpatient and emergency rooms services, primary care physician and specialist office visits, and prescription drugs.

Calgon Carbon beats Wall Street estimates

Calgon Carbon Corp. reported second-quarter net income of $13.3 million, or 25 cents per diluted share, vs. $4.5 million, or 9 cents, a year ago. Results for the most recent quarter include $3.5 million, or 6 cents per share, related to the sale price of the company's charcoal business that was sold in the first quarter of 2006. Analysts polled by Thomson Financial had estimated earnings of 12 cents a share. Income from operations for the second quarter totaled $16.1 million vs. $8.6 million in the year-ago quarter. Net sales rose nearly 23 percent to $108.5 million, of which $3.5 million was due to the strength of the Euro vs. the dollar.

Water company buys systems in Claysville

Pennsylvania American Water has acquired the Claysville-Donegal Joint Municipal Authority water and wastewater systems for about $2 million. The systems, located in Claysville and Donegal and Finley townships in Washington County, provide drinking water to about 550 customers and wastewater treatment to about 500 customers. The company said that as part of a $1.3 million capital investment it was installing new meters for customers and a data monitoring system for an existing storage tank.

Giant Eagle expands card program in Ohio

Giant Eagle is adding Akron, Ohio, to its phase-in of a credit card program that promises additional savings on gasoline. The retailer says for every $100 in Giant Eagle grocery and gas purchases made with the card, customers will save an extra 4 cents per gallon, on top of the discounts at the pump offered by its Fuel Perks program. The program was launched last year in Columbus, Ohio. Customers who carry a balance on the card will be charged 22.49 percent interest.

Also in business ...

Law firm Reed Smith plans to open an office in Palo Alto, Calif., sometime this fall. Rich Scudellari, formerly a partner in Morrison & Foerster's Palo Alto office, has joined Reed Smith as a partner to lead the new Silicon Valley office.