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US Steel cost $53 million to shut down Fairfield's blast furnace

2015-11-04

Nov. 04, 2015 - Shutting down Fairfield Works' flat-rolled operations and blast furnace cost US Steel $53 million this quarter, the Pittsburgh-based steelmaker reported Tuesday. 

 

The loss contributed to a $173 million total net loss this quarter.

 

In August, US Steel announced it would permanently shut down most of the flat-rolled finishing operations along with its blast furnace, eliminating 1,100 jobs.

 

"We remain focused on our Carnegie Way transformation efforts to weather the continued difficult market environment," CEO Mario Longhi said in a statement. "These efforts will better position our Company to generate stronger operating margins and respond to changing market conditions."

 

The steelmaking business has struggled in recent years, and companies have primarily cited unfair trade practices that disadvantage American steel against foreign competition, especially China. US Steel sells steel pipes and tubes to oil and gas drillers, so the company has also cited fluctuating oil prices.

 

In March, Jefferson County commissioners voted to approve about $14 million in tax abatements for the company to build an electric arc furnace, which will require about 300 workers.

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