U.S. Steel To Relocate Corporate Headquarters On Former Civic Arena Site

English: The U.S. Steel Tower, located in Pittsburgh, Pennsylvania, USA, with the new corporate logo of the University of Pittsburgh Medical Center. (Photo credit: Wikipedia)

U.S. Steel will move to a new, five-story corporate headquarters on the former site of the Civic Arena in a deal that will provide a corporate anchor tenant for the 28-acre property where $440 million in development is planned, officials said Monday.

The company plans to lease the 268,000-square-foot building for 18 years, the company said at a news conference at Consol Energy Center.

U.S. Steel CEO Mario Longhi, Gov. Tom Corbett, Pitsburgh Mayor Bill Peduto, Allegheny County Executive Rich Fitzgerald and Penguins President and CEO David Morehouse attended the announcement against a backdrop of artist renderings that showed people strolling a plaza of concrete, grass and trees in front of a conceptualized version of the building.

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U.S. Steel Earnings Higher Than Estimates

 

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