Gateway Stakes Raised

Steel Partners II, L.P., a New York-based securities firm, raised its stake in Gateway Communications Inc. of Irvine to 13.1% of the company’s 5.16 million outstanding shares.

Steel Partners purchased 82,000 Gateway shares between April 25 and April 29, according to a Schedule 13D filed Thursday with the Securities and Exchange Commission. The investor now holds 687,648 shares in Gateway, a maker of computer networking equipment.

Last week, Steel Partners won the right to nominate directors of its choice after threatening Gateway with a proxy fight.

Under an agreement between the investors and the company, two representatives of Steel Partners may attend all board meetings. In addition, Gateway agreed not to issue new securities, enter into new debt, or shed or acquire any material assets before its annual meeting.