The company just sold off its former U.S. Canada operation to Bedrock Industries Group for $126 million, and is hoping market conditions improve worldwide.
“We have faced and continue to face many challenges, some at the company level and some at the industry level,” U.S. Steel CEO Mario Longhi said in a conference call with analysts on Wednesday. “At the company level, we have streamlined our operating configuration, including the temporary idling of facilities to create greater production efficiencies under today’s market conditions and have made many hard decisions to permanently address unprofitable businesses and facilities, with a final resolution of our former operations in Canada now within our sight.”
