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Stock Market & Financial Investment News

News Breaks
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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March 31, 2015
09:39 EDTXActive equity options trading on open
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09:04 EDTXU.S. Steel to adjust production at Minntac plant
United States Steel announced it will adjust operations and temporarily idle a portion of its Minnesota Ore Operations – Minntac plant in Mt. Iron, Minn., effective June 1. This action is due to the company's current inventory levels and ongoing adjustment of its steelmaking operations throughout North America. The company will continue to operate Minntac at reduced capacity in order to meet customer demand. The company routinely adjusts production at its operating facilities to reflect market fluctuations. These ongoing operational adjustments are a result of challenging market conditions that reflect the cyclical nature of the industry. Global influences in the market, including a high level of imports, unfairly traded products and reduced steel prices, continue to have an impact. As part of the temporary idling, all employees at Minntac have been advised of the upcoming temporary idling and are being issued notices under the Worker Adjustment and Retraining Notification Act. The number of employees impacted will be based upon operational and, or maintenance needs.
07:31 EDTXSteel Dynamics added to Analyst Focus List at JPMorgan
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March 27, 2015
10:45 EDTXUS Steel April and May puts active
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March 25, 2015
16:07 EDTXSunCoke says temporary idling doesn’t change U.S. Steel obligations under pact
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14:26 EDTXWells Fargo tells SunCoke investors not to panic
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12:54 EDTXSteel stocks trade higher ahead of Congressional Steel Caucus hearing
Steel manufacturing stocks are trading higher ahead of tomorrow's testimony at a Congressional Steel Caucus hearing. WHAT'S NEW: The United Steelworkers, or USW, will be joining Chief Executive Officers of steel companies and other representatives from the steel industry on Thursday, March 26 on Capitol Hill to testify at a Congressional Steel Caucus hearing on the "State of American Steel." The USW and the steel executives will speak to the state of the steel industry and how policies on trade are impacting manufacturing in the steel industry. WHAT'S NOTABLE: According to the American Iron and Steel Institute, year-to date total and finished steel imports are 7.977M and 6.41M net tons, respectively, up 23% and 36%, respectively, vs. the same period in 2014. In the past month, steelmakers including Nucor (NUE), AK Steel Holding (AKS) and Steel Dynamics (STLD) all issued profit warnings. On March 19, Nucor said "Overall operating performance at the steel mills segment for the first quarter of 2015 is expected to decrease significantly compared to the fourth quarter of 2014," citing lower selling prices and margins resulting from the "exceptionally high level of imports flooding the domestic market." The company also said "Total imports increased 38% in 2014 compared to 2013, with imports accounting for approximately 34% of the total domestic shipments in 2014. Global overcapacity built by state-owned enterprises is the biggest risk factor to our business." This morning, United States Steel Corporation (X) announced plans to consolidate its North American Flat-Rolled operations and temporarily idle its Granite City Works operations. The company noted that 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 said. Publicly traded companies in the space including U.S. Steel , AK Steel and Steel Dynamics are all trading higher while Nucor is fractionally lower in midday trading.
11:48 EDTXSteel industry leaders set to testify on import surge, Bloomberg says
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11:28 EDTXEU to impose tariffs on steel from China and Taiwan, Reuters says
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11:14 EDTXSunCoke oversold on U.S. Steel news, says Brean Capital
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11:13 EDTXSunCoke drops after customer announces plans to idle Granite City operations
Shares of SunCoke Energy (SXC) and SunCoke Energy Partners (SXCP) are both sharply lower after U.S. Steel (X), the principal customer of their Granite City cokemaking facility, announced it will consolidate its North American Flat-Rolled operations and temporarily idle its Granite City Works operations. The consolidation is part of an on-going adjustment of steelmaking operations throughout North America to match customer demands, said U.S. Steel, which noted that it routinely adjusts production at its operating facilities to reflect "market fluctuations." In morning trading, Suncoke Energy shares fell 11% to $15.01, while Suncoke Energy Partners dropped 10.25% to $19.87.
10:27 EDTXU.S. Steel responds to OSHA citations
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09:06 EDTXU.S. Steel to consolidate flat-rolled operations
United States Steel announced 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 said it 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.
March 23, 2015
07:11 EDTXU.S. Steel shares at a discount to asset value, says Macquarie
Macquarie lowered Outperform rated U.S. Steel estimates and reduced its price target to $33 from $48 based on $480 HRC price expectations through the end of the year but said shares trade at a discount to asset value.
March 19, 2015
11:24 EDTXStocks with call strike movement; X RIG
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