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United States Steel Corp. X declared that it intends to permanently close certain operations at Fairfield Works in Fairfield, AL. The company is planning to shutter all its blast furnace and related steelmaking operations, along with most of the flat-rolled finishing operations in order to improve the overall efficiency and cost structure of its flat-rolled segment.
Operations at the plant will be permanently stopped on or after Nov 17, 2015, affecting around 1,100 workers. Along with the blast furnace and steelmaking operations, the hot strip mill, the pickle line, cold mill, annealing facility and stretch and temper line will be permanently idled. However, the Fairfield Tubular Operations or the electric arc furnace (“EAF”) construction project will continue to operate.
According to Mario Longhi, U. S. Steel President and CEO, management had a tough time arriving at this decision, which was needed to optimize the company’s portfolio and overall cost structure. U.S. Steel has been facing continued challenges due to lower product prices and cheap imports which have hurt the company’s growth.
Recently, the company took yet another major step in its ongoing battle against unfairly traded, cheap imports that continue to flood the American market. The nation’s biggest steel producers filed anti-dumping and countervailing duty petitions with the U.S. Department of Commerce (“DOC”) and the U.S. International Trade Commission (“USITC”) against seven countries accused of illegally dumping certain hot-rolled steel flat products. Hot-rolled steel is used in appliances, automotive products, heavy machinery, machine parts, commercial construction and transportation equipment.
The petitions, filed by six steel makers including U.S. Steel, charged that a torrent of significantly subsidized imports of hot-rolled steel flat products from Australia, Brazil, Japan, South Korea, the Netherlands, Turkey and the U.K. are causing significant injury to the country’s steel industry.
U.S. Steel currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the basic materials sector include Innospec Inc. IOSP, Celanese Corporation CE and The Dow Chemical Company DOW. While Innospec sports a Zacks Rank #1 (Strong Buy), both Celanese and Dow Chemical carry a Zacks Rank #2 (Buy).
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United States Steel Corporation
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CODE : X |
ISIN : US9129091081 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
United States Steel est une société de production minière de fer et de étain basée aux Etats-Unis D'Amerique. United States Steel est cotée aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 6,4 milliards US$ (5,7 milliards €). La valeur de son action a atteint son plus bas niveau récent le 28 mars 2003 à 10,01 US$, et son plus haut niveau récent le 30 novembre 2007 à 98,85 US$. United States Steel possède 176 184 431 actions en circulation. |