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Last $24.77 USD
Change Today -0.07 / -0.28%
Volume 4.3M
X On Other Exchanges
Symbol
Exchange
Frankfurt
As of 3:18 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).

united states steel corp (X) Key Developments

U.S. Steel Corp. to Lay Off 2,080 at Granite City Works in Metro East

U.S. Steel Corp. is laying off 2,080 workers at its Granite City Works in Metro East as part of a consolidation of its North American flat-rolled operations. The company is temporarily idling its Granite City Works operations in Granite City in the consolidation, which is "part of an on-going adjustment of steelmaking operations throughout North America to match customer demand". The affected workers in Granite City are being issued notices under the Worker Adjustment and Retraining Notification (WARN) Act. The notices are effective "on or after May 28" based on operations and maintenance needs.

United States Steel Corporation to Consolidate Flat-Rolled Operations

United States Steel Corporation announced that it will consolidate its North American Flat-Rolled operations and temporarily idle its Granite City Works operations in Granite City, Ill. As the primary flat-roll supplier of Lone Star Tubular Operations, the consolidation is part of an on-going adjustment of steelmaking operations throughout North America to match customer demands. The company routinely adjusts production at its operating facilities to reflect market fluctuations. The consolidation is a result of challenging market conditions that reflect the cyclical nature of the industry. Global influences in the market like reduced steel prices, unfair trade, imports and fluctuating oil prices, continue to have an impact on the business. The company will be working closely with its customers through this consolidation. The company will continue to operate its steelmaking operations in Alabama, Indiana, Michigan and Pennsylvania. As part of the consolidation, 2,080 employees at Granite City Works are being issued notices under the Worker Adjustment and Retraining Notification (WARN) Act. These notices are separate from the notices related to the permanent shutdown of Granite City Works' coke making facility.

U. S. Steel Announces Construction of Electric Arc Furnace and Tubular Products Coupling Facility in Jefferson County, Alabama

United States Steel Corp. announced two capital investment projects valued at a total of $277.5 million. The first capital project is the construction of a technologically advanced electric arc furnace (EAF) steelmaking facility at its Fairfield Works in Birmingham, Ala., located in Jefferson County. The company will also construct a tubular products coupling facility at Fairfield Works to manufacture couplings with premium, semi-premium and American Petroleum Institute (API) connections for customers in the oil and gas industries. The EAF is part of the company's larger transformation, The Carnegie Way, in which a large number of initiatives to improve the company's customer intimacy, operating flexibility, cost structure and raw materials position are being implemented. The tubular coupling facility is an integral part of the company's plan to develop and manufacture oil country tubular goods (OCTG) products with premium connections. The facility will feature four coupling cells to manufacture couplings for all of U.S. Steel's premium connections, including USS Liberty FJM®, USS-Patriot EBM and USS-Patriot TC connections, for customers in the energy industry. Construction of the EAF will begin in the second quarter of 2015, with construction expected to be complete in the third quarter of 2016. The construction on the coupling facility is also anticipated to begin in the second quarter of 2015 and is expected to be complete in the first quarter of 2016.

United States Steel Corp. Announces Thomas W. Lasorda Not Stand for Re-Election as Director

On March 10, 2015, Thomas W. LaSorda, a member of the Board of Directors of United States Steel Corporation notified the company of his decision to not stand for re-election at the company's 2015 AGM to be held on April 28, 2015. Mr. LaSorda currently is a member of the Audit and Corporate Governance & Public Policy committees of the Board.

U.S. Steel Corp. to Idle Keetac Plant and Lay Off Up to 412 Workers in Northern Minnesota

U.S. Steel Corp. announced it is idling its Keetac iron ore plant in Keewatin, Minn., and laying off as many as 412 workers. The closure will start May 13, but did not say when operations might resume. All of the facility's 412 employees have received mass layoff notices under the Worker Adjustment and Retraining Notification Act. The actual number of affected workers will be based upon operations or maintenance needs.

 

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Price/Earnings 37.0x
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Price/Book 1.0x
Price/Cash Flow 5.0x
TEV/Sales NM Not Meaningful
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