USS amends credit agreements for Canada ops

Jul 28, 2014 | 01:28 PM | Michael Cowden

Tags  U.S. Steel, U.S. Steel Canada, Stelco, United Steelworkers union, USW Local 1005, Hamilton, Ontario, Hamilton Works Lake Erie Works

PITTSBURGH — U.S. Steel Corp. may be looking to restructure its operations in Canada and has reached an agreement with lenders to modify some financing terms to allow for possible changes, filings with U.S. securities regulators and sources familiar with the matter indicated.

Recent documents filed with the U.S. Securities and Exchange Commission (SEC) suggest that the Pittsburgh-based steelmaker also may be looking to insulate itself from collateral damage due to big losses or other potential changes at its Canadian operations, the sources said.

"As part of its ongoing Carnegie Way initiatives, U.S. Steel has been actively reviewing and working to improve the performance and long-term viability of all of its operations worldwide, including U.S. Steel Canada," a company spokeswoman said July 25. "The 8-Ks that were recently filed relate to actions the company has taken to provide additional financial flexibility as that review continues." ....





Latest Pricing Trends

Poll

Are you stocking more inventory today than 18 months ago?

Yes
No


View previous results