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U.S. Steel still ‘faces many challenges’

by Joseph S Pete, Northwest Indiana Times
U.S. Steel had its best quarterly performance since 2014, but missed analysts’ estimates of $337 million in Earnings Before Interest, Taxes, Depreciation and Amoritization by $65 million, or 19 percent, as it looks to get back on its feet in a challenging time for steelmakers.

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.”

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