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June 2, 2014
10:32 EDTXU.S. Steel to idle two tubular facilities, says dumping a factor
United States Steel announced it will indefinitely idle two tubular manufacturing facilities in McKeesport, Pa., and Bellville, Texas, in early August, impacting approximately 260 employees as a result of business conditions which are influenced by unfairly traded tubular products imported into the United States. The indefinite idling of these loss-making operations will reduce the number of U. S. Steel's tubular facilities from 10 to eight, but will enable the company to operate more profitably as it repositions to meet future customer demand, the company said. Approximately 45 professional and management employees and 215 represented employees were advised of the upcoming idling and resulting job reductions and are being issued notices under the Worker Adjustment and Retraining Notification Act. U. S. Steel President and CEO Mario Longhi stated, "We will continue to fight unfair trade by foreign competitors who are creating a detrimental impact and threat to middle-class paying manufacturing jobs." U. S. Steel, along with other domestic producers, has filed an anti-dumping action with the U.S. Department of Commerce to halt the unfair trading and dumping of foreign Oil Country Tubular Goods into the American market, it noted.
News For X From The Last 14 Days
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October 6, 2015
18:06 EDTXSunCoke Energy says expects U.S. Steel to honor contract
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17:02 EDTXU.S. Steel announces possible consolidation of flat-rolled operations
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October 5, 2015
10:16 EDTXBofa/Merrill global metals/mining analysts hold analyst/industry conference call
U.S. Metals, Mining & Steel Analyst Tanners, European Metals, Mining & Steel Analyst Ekblom, Russian Metals, Mining & Steel Analyst Faritov and LatAm Metals, Mining & Steel Analyst Lofiego, along with Sebastian Lewis, Editorial Director-China of Platts, review market conditions in key regions and discusses recent price moves in iron ore, met coat and steel on an Analyst/Industry conference call to be held on October 8 at 9 am.
October 1, 2015
09:57 EDTXU.S. Steel price target cut to $8 on tubular weakness at BofA/Merrill
BofA/Merrill said recent industry data indicates energy tubulars reaffirms its stance that oversupply and bloated inventory combined with weak rig counts will persist through 2016. The firm cut U.S. Steel's 2016 tubular forecast to to marginally above breakeven and expects realized sheet selling prices to have a severe drop in 2016 due to repricing of annual contracts. BofA/Merrill lowered its price target to $8 from $11 and reiterated its Underperform rating on shares.
September 30, 2015
10:00 EDTXBofa/Merrill global metals/mining analysts hold analyst/industry conference call
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September 25, 2015
05:39 EDTXU.S. Steel implied volatility of 79 at upper end of index mean range
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