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Positive financing conditions and a slight improvement in consumer sentiment helped keep the housing market steady in May as the National Association of Home Builders' Housing Market Index remained unchanged from the previous month at 57.

Indicating continued strength in the housing sector amid broader economic weakening, housing starts rose 1.5% in April from the previous month to a seasonally adjusted annual rate of 1.61 million units, the U.S. Commerce Department reported.

Tom Conser, manager of The Roane Co.’s San Diego branch from July 1981 to October 1999, died May 14 after a long illness. He was 71.

Industri Kapital, Scandinavia's largest buyout firm, has won European Union approval to buy the chemical operations of Swedish company Perstorp AB.

Fiber cement maker James Hardie Industries Ltd. said it has initiated discussions with “a number of parties” to sell its U.S. gypsum business.

Formica Corp. today announced that its net sales for the quarter ending March 31 increased $47.8 million, or 32.7%, to $194.1 million vs. $146.3 million for the same prior year period.

Gypsum building materials manufacturer USG Corp. said its board has moved to eliminate the company's quarterly dividend of 25 cents, citing a need to conserve cash for asbestos litigation costs.

Lee C. Stewart, chief financial officer of Foamex International Inc. has resigned from the company effective immediately.

Standard & Poor's has lowered its corporate credit rating for The Dixie Group Inc. to single-'B' from single-'B'-plus. At the same time, the subordinated debt rating was lowered to triple-'C'-plus from single-'B'-minus.

Resilient sheet and tile manufacturer Congoleum Corp. reported declining sales and a widening net loss for the first quarter ended March 31, 2001 and announced that it had fired 150 employees to save the company $1 million per month.