U.S. Steel targets cost cuts, sets closures
Oct 29, 2013 | 05:16 PM
| Catherine Ngai
NEW YORK U.S. Steel Corp. is looking to improve its bottom line by shuttering major parts of one steelmaking operation, changing its raw materials strategy and dissolving an existing joint venture, its top executive said Oct. 29.
The changes are needed to make the company more profitable, and are "just the beginning," Mario Longhi, Pittsburgh-based U.S. Steels president and chief executive officer, told analysts during a conference call to discuss the steelmakers third-quarter financial results.
Those changes include permanently shuttering the iron and steelmaking operations at the companys Hamilton, Ontario, facility effective Dec. 31. The Hamilton Works produces some 2 million tons of semifinished steel annually, according to U.S. Steels website.
"The Hamilton Works cokemaking and finishing operations will continue to operate," a U.S. Steel spokeswoman told AMM via e-mail. "This difficult decision will affect 47 non-represented employees. Those employees will be provided working notice and the company will endeavor to reassign them."....
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