U.S. Steel Reports 3Q Loss Of $207M On Special Charges

U.S. Steel Tower in downtown Pittsburgh, Penns...

U.S. Steel Tower in downtown Pittsburgh, Pennsylvania. (Photo credit: Wikipedia)

Losses from U.S. Steel Corp.’s restructuring continued despite revenue and operating results that beat analyst’s expectations.

The loss was an improvement from a year ago and was helped by the company’s flat-rolled steel operation and other segments, which did their best since 2008. Operating profit from flat-rolled, tubular, U.S. Steel Europe and other units totaled $479 million, or $94 per ton of steel produced, the company said. That compared to $113 million, or $24 per ton a year ago.

“Steel market conditions in the United States have remained stable, and our operations have performed well, particularly our flat-rolled segment, where we returned to more normal operating levels and income from operations increased by over $300 million from the second quarter,” CEO Mario Longhi said. “Our results reflect the significant improvement in our earnings power from our Carnegie Way transformation efforts.”

Read more: http://triblive.com/business/headlines/7045925-74/million-steel-loss#ixzz3HUbOs7JH
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U.S. Steel’s Lower Taxes Causing Budget Headaches

U.S. Steel

U.S. Steel (Photo credit: Wikipedia)

A succession of successful tax appeals by U.S. Steel earlier this year, resulting in the assessed value of some of its major properties in Allegheny County plummeting by millions of dollars, has put big dents in municipal and school budgets.

The drop in real estate tax revenue has prompted three school districts — Woodland Hills, Clairton and West Mifflin — to file court challenges to the appeals granted to U.S. Steel by the Allegheny County Board of Property Assessment, Appeals and Review, and is pushing Braddock to consider an earned income tax increase.

Ira Weiss, solicitor for the Clairton City School District, called U.S. Steel’s new assessments, which resulted in the value of its coke plant in Clairton dropping from nearly $10.6 million in 2012 to just above $2 million this year, “laughable.”

“We believe the approach of [U.S. Steel] in these appeals with these communities where they’ve been longtime partners is deplorable, really,” Mr. Weiss said. “It was devastating. … [Clairton's] a small school district in a small town and no local government can sustain this kind of hit from an ongoing concern.”

Read more: http://www.post-gazette.com/local/east/2013/11/30/U-S-Steel-s-lower-taxes-causing-budget-headaches/stories/201311300091#ixzz2m9CxWD00

30 Years Of Change: A New Direction For Pittsburgh

English: Downtown Pittsburgh

English: Downtown Pittsburgh (Photo credit: Wikipedia)

Morphing from steel industry collapse to eds-and-meds rebirth, from a too-gray place that young people flee to one that attracts them as a “green” center of culture and recreation, from a tale of Rust Belt woe to one of urban transformation, it is indisputable that the Pittsburgh region is a far different place than it was 30 years ago.

And by most standards, it would seem to be a far better place as well.

Since 1983, when the Pittsburgh Post-Gazette published a special section chronicling the unique and worrisome issues confronting the region during Depression-level hits to its workforce, Pittsburgh has lost people, corporations, churches, schools and, yes, even a prothonotary.

But it has rebuilt its economy; added museums, theaters and riverfront trails; replaced its sports facilities, airport and convention center; and reinvented the Pittsburgh Downtown as a place to live, while serving the thousands more who commute to it by opening a subway, busways and a highway to the north.

Read more: http://www.post-gazette.com/stories/local/region/30-years-of-change-a-new-direction-for-pittsburgh-706424/#ixzz2gzxczfUQ

U.S. Steel Touts Coke Plant Project As Good For Jobs, Air

UNITED STATES STEEL CORPORATION COKE PLANT IN ...

UNITED STATES STEEL CORPORATION COKE PLANT IN A VALLEY SURROUNDED BY HOMES AT CLAIRTON, PENNSYLVANIA. LOCATED 20… – NARA – 557213 (Photo credit: Wikipedia)

U.S. Steel today formally commissioned a new battery of ovens at its Clairton coke plant, a $500 million project the company said will preserve steelmaking jobs in the Mon Valley and improve the region’s air quality.

The project is a scaled back version of the $1 billion proposal the Pittsburgh steelmaker announced in late 2007, before the global recession decimated steel demand and caused the industry to retrench.

President and CEO John P. Surma said even after the scope was reduced, the project was the largest in the history of the Clairton plant and one of the largest in U.S. Steel’s 112-year history.  He said it secures the jobs of 1,300 Clairton employees as well as the 1,400 who work at the company’s Edgar Thomson plant in Braddock and the Irvin plant in West Mifflin.

Read more: http://www.post-gazette.com/stories/local/breaking/us-steel-touts-coke-plant-project-as-good-for-jobs-air-672843/#ixzz2Jb0uFLsx

U.S. Steel Earnings Higher Than Estimates

 

U.S. Steel Tower in downtown Pittsburgh, Penns...

U.S. Steel Tower in downtown Pittsburgh, Pennsylvania. (Photo credit: Wikipedia)

U.S. Steel Corp., the country’s largest producer of the metal, reported second-quarter earnings that beat analysts’ estimates after demand rose for tubular products.

Net income fell to $101 million, or 62 cents a share, from $222 million, or $1.33, a year earlier, Pittsburgh-based U.S. Steel said today in a statement. Profit excluding one-time items was 69 cents a share, exceeding the 49-cent average of 19 estimates compiled by Bloomberg. Sales declined to $5.02 billion from $5.12 billion, compared with the $5 billion average estimate.

Demand from U.S. Steel’s customers in the oil and natural- gas drilling helped offset lower prices for hot-rolled steel coil, a benchmark product used in cars, trucks and appliances.

Read more: http://www.mcall.com/business/mc-us-steel-earnings-20120731,0,264490.story