clem

Hamilton, Canada

#43 Jan 25, 2011
Tommy, if U.S. Steel keeps losing money i think they will have to let you go.
Tommy D_____

Hamilton, Canada

#44 Jan 25, 2011
A profit and Loss statement can be a bit misleading. If you go to a bank requesting a loan, they are interested in your P&L statement but what they REALLY want to see is your Balance Sheet. Looking at US Steel’s balance sheet, if I’m reading it correctly, I see a big problem with their pension and benefits liability and it got a lot worse during 2010.

Pension and Benefits liabilities end of 2009 were $4,143,000. End of 2010 it was $4,365,000. It looks like they had $222,000,000 additional liabilities in 2010. What’s the US Steel Canada liability look like now? How much of that $222 million additional liability was in Canada and how much in USA and Europe? Hopefully ALL OF IT was in USA and Europe, but who knows? It’s a closely held secret.

INDEXING? Not a chance – the board of directors would fire John Surma without even blinking. If I were a NEW HIRE I wouldn’t want anything to do with the DB plan. My reasoning would be,“I’ll take the bird in hand, let the DB guys have the two birds in the bush.”

PS; the only way they are going to be able to reduce their Pension and Benefits deficit is with profits. The only way they are going to be able to upgrade their facilities and stay competitive is with profits. If US Steel falters and they file for protection and restructuring within the next few years, the US courts would probably rule that they can wrap-up their existing plans with a 4.3 billion dollar deficit. A total disaster for all existing and future pensioners. Let’s hope US Steel starts making some money – a lot of money – and soon, real soon!

PPS; I don’t know where US Steel is going to get their ore to supply the Canadian operations if demand increases dramatically in 2012. It now looks like they’re going to have to buy it on the open market and that’s going to be costly. As for 2011 – I think they have sufficient supply for ALL their facilities if they are running at less than 75 percent.

PPPS; I wish to hell I was on their payroll. I sure could use some extra money, but I can survive without them. Okay – I’ve had my say, and I almost broke my stinkin’ brain from thinkin’ too hard, so now I’ll take a rest.
kee tac

Dubuque, IA

#45 Jan 25, 2011
The expansion is full speed ahead... breaking ground soon...
Tommy D_____ wrote:
Feb 5, 2008 Minnesota ore will feed Stelco
U.S. Steel will expand production at its Minnesota iron ore facility by 3.6 million tons to supply steelmaking at Stelco.
The Pittsburgh steelmaker, which bought Stelco last year, is investing US $300 million to revive an iron ore pellet production line at its Minnesota Ore Operations' Keetac facility in Keewatin, Minn. That line, idle since 1980, is expected to increase current annual production from 6 million tons to 9.6 million tons.
"U.S. Steel's Minnesota Ore Operations have been providing iron-bearing pellets to our operations in the United States and Europe for many years," U.S. Steel CEO John Surma said in a news release. "In 2007, we expanded our steelmaking operations into Canada, creating an opportunity to increase our production at Keetac in order to provide the same high-quality product to our Canadian operations."
U.S. Steel expects to file for environmental permits later this year – 2008. Once those are obtained, the project is expected to take 36 months to complete.
**********
UPDATE: 2011 - US Steel has not been able to obtain the necessary environmental permits. As a result, the project has been put on hold indefinitely.
THAT IS NOT GOOD NEWS
Tommy D_____

Hamilton, Canada

#46 Jan 25, 2011
Sounds good, I haven't read that, but if true it's good news for US Steel pending some unforeseen disaster. So we're looking at early spring 2014 for production?

Initially, I think they were planning (hoping) to have it operational in 2011. I think that’s what they thought would suit their needs, 2011 production, but delay after delay and they lost 3 years. So it looks like they’re going to spend about $300 million over the next few years and reap millions of tons of ore.

Probably a good investment.
Tommy D_____

Hamilton, Canada

#47 Jan 25, 2011
US STEEL PREDICTS 1st QTR 2011 - ANOTHER LOSS

By The Associated Press, thecanadianpress.com , Updated: January 25, 2011

PITTSBURGH, Pa.- U.S. Steel Corp. cautiously expects business to improve in the first three months of this year after a rough second half of 2010.

America's largest steelmaker by sales said rising steel prices and greater demand from most of its customers should offset higher costs for raw materials like scrap metal and coal. But it's not yet ready to predict a return to profitability.

"We're expecting (first-quarter improvements) but we didn't say that we expected to be profitable," chief financial officer Gretchen Haggerty told analysts during a conference call.

U.S. Steel joined AK Steel and Steel Dynamics in reporting a loss for the fourth quarter. All three said they expect better days ahead.

Chairman and CEO John Surma said steel prices began to rise late in the fourth quarter and should be reflected in U.S. Steel's earnings in the first half of 2011.

On Tuesday U.S. Steel reported a smaller fourth-quarter loss after it sold assets and cut spending.
The Pittsburgh company lost US$249 million, or $1.74 per share, in the October-December period. That compares with a loss of $267 million, or $1.86 per share a year earlier. Revenue increased 28 per cent to US$4.3 billion from a year ago.

The results missed Wall Street expectations for a loss of $1.11 per share on revenue of $4.2 billion.
U.S. Steel said that market conditions were "soft" during most of the last three months of 2010. The price it got for steel products dropped from the third quarter, when it lost $51 million.

At the same time, the cost of sales, which includes raw materials, jumped 23 per cent.
"We remain cautiously optimistic that global economic conditions will continue to improve in the first quarter," Surma said. "We are essentially sold out through March in North America," he told analysts. "Everything we see today looks OK, but tomorrow could be, of course, a much, much different picture."

U.S. Steel narrowed the loss in its flat-rolled segment to $156 million. The company's tubular business reported a profit of $96 million.

Flat-rolled steel is used in appliances, cars and construction. Tubular steel is used to make pipes.
For the full year, United States Steel Corp. lost $482 million, or $3.36 per share, compared with a loss of $1.4 billion, or $10.42 per share, in 2009.
Analysts expected U.S. Steel to log a weak fourth quarter but some were disappointed with muted first-quarter expectations.

Argus Research analyst Bill Selesky said the fourth quarter typically is weaker than others for most steel companies because customer demand falls at the end of the year. Going forward, the main challenges will be to offset higher raw materials costs by passing along higher prices to customers, he said.

Shares of U.S. Steel rose $2.86, or 5.3 per cent, to close at $57.30.
Tommy D_____

Hamilton, Canada

#48 Jan 25, 2011
REUTERS - January 25, 2011

ArcelorMittal all but clinched a deal to acquire a giant Arctic iron ore deposit after a majority of shares in Canada's Baffinland Iron Mines were tendered to its C$590 million ($596 million) takeover bid.

Arcelor said on Tuesday it had the support of 61 percent of Baffinland shares, including 51 percent tendered and the 10 percent already owned by its partner Nunavut Iron Ore. The world's largest steelmaker also extended the C$1.50-a-share offer until February 4 to allow the remaining shareholders to accept.

Acquiring Baffinland's Mary River deposit will help the ArcelorMittal reach its goal of nearly doubling the amount of iron ore it produces itself and reduce its dependence on top producers like Vale, Rio Tinto

Luxembourg-based Arcelor wants to become more self-reliant to capitalize on surging demand for steel, mainly from emerging economies stepping up construction of roads, bridges and housing for their growing populations.

The project, located on Baffin Island in Canadian territory of Nunavut, has the potential to produce up to 30 million tonnes of high-grade ore annually -- enough to supply European steel mills for years. But it will take up to C$4 billion to build the infrastructure needed to extract and ship the ore.

"I believe ArcelorMittal have had a good look at Baffinland's books and they must believe it makes sense," said Ingo Schachel an analyst at Commerzbank.

Arcelor and Nunavut Iron had battled for control of Baffinland for four months before agreeing in mid-January to a joint bid that won the support of the Canadian company's board.

After the takeover, Arcelor will own 70 percent, and Nunavut, which is backed by a U.S. private equity group, will have 30 percent.

To complete the deal, their bid requires the tendering of at least two-thirds of Baffinland's shares. That would enable the bidders to force any holdouts to sell. The process, known as a second-stage, amalgamation "squeeze out," can take up to two months.

ArcelorMittal already has a presence in Canada. It owns the Mont Wright project in the Labrador Trough region of Quebec. That deposit has reserves and resources of 1 billion tonnes of crude ore, with an iron content of about 30 percent.

By comparison, Mary River boasts reserves and resources of over 850 million tonnes of crude ore with an iron content of 66 percent. The tonnage estimate could double or triple with more drilling.

But Mary River won't go into limited production until early 2013 or later, and its development may entail the construction of the world's northernmost railway.

"I'm certain ArcelorMittal will be able to be in the position to advance this project much more rapidly than what Baffinland would be," Campbell said.

The stock was the most heavily traded stock on the Toronto Stock Exchange on Tuesday, edging up to C$1.50, the bid price. That was more than four times higher than before the takeover battle began in September, when the stock was at 35 Canadian cents.

End of Story
**********

I bet a lot of people “in the know” bought lots and lots of shares at 35 cents! Too bad I wasn’t in the know!

It sounds like ArcelorMittal doesn't fool around. If they see something they want, they just go for it! "It will take up to C$4 billion to build the infrastructure needed to extract and ship the ore."

Nice investment.
Tommy D_____

Hamilton, Canada

#49 Jan 27, 2011
Goldman Sachs predicts US Steel will lose $87 million Jan-March. Will have profit of $225 million April-June. Profit $165 million July-Sept and profit $55 million Oct-Dec. Therefore total year profit of $350 million is projected.
Tommy D_____

Hamilton, Canada

#50 Jan 27, 2011
The little brick office at 85th and Green Bay is the last remaining structure from the old U.S. Steel mill. It used to be the company credit union, and there’s still a vintage clock on the wall, hands pointed upward to noon.

U.S. Steel closed for good in 1992, but the 369 acres it occupied for nearly a century is about to find a new purpose, starting in this building.

It’s the marketing center for Lakeside Development, which, if all goes according to plan, will eventually have 13,575 new homes, 17.5 million square feet of retail space -- and revive the economic fortunes of the Bush, a South Side neighborhood that’s been struggling ever since U.S. Steel shut down.

&fe ature

Someday Hamilton Bay will be redeveloped. I can hardly wait.
clem

Hamilton, Canada

#51 Jan 27, 2011
Tommy D_____ wrote:
The little brick office at 85th and Green Bay is the last remaining structure from the old U.S. Steel mill. It used to be the company credit union, and there’s still a vintage clock on the wall, hands pointed upward to noon.
U.S. Steel closed for good in 1992, but the 369 acres it occupied for nearly a century is about to find a new purpose, starting in this building.
It’s the marketing center for Lakeside Development, which, if all goes according to plan, will eventually have 13,575 new homes, 17.5 million square feet of retail space -- and revive the economic fortunes of the Bush, a South Side neighborhood that’s been struggling ever since U.S. Steel shut down.
http://www.youtube.com/watch?v =5DAY4wFr8S8XX&feature
Someday Hamilton Bay will be redeveloped. I can hardly wait.
Better finish the highway coming into Chicago. It's on the Southside but the area around 36th Street was not a nice area when i was there. Hamilton Bay redeveloped, just put the people in charge of the PanAM games on it and it will never get done.
clem

Hamilton, Canada

#52 Jan 27, 2011
Bill Curtis made it sound pretty good though, but i don't have any buisness in Chicago any time soon.
Tommy D_____

Hamilton, Canada

#53 Jan 27, 2011
Chicago is just the windy city to me. The closest I’ll ever get to see Chicago is on a computer screen, and I wouldn’t want it any other way. And I'll never see Hamilton, ever so clean. We live in a dirty city, but we accepted that heavy price for prosperity, but we are no longer prospering. This city is in decay.

But it will bounce back again, because of our terrain. Over the next 50 years, huge amounts of money will be invested in southern Ontario. We have the US as our protector, so world-wide investors know their money is safe. No threat of a communist government or a dictatorship, either of which might not like the capitalistic system and confiscate the investors’ money. It’s happened before, and it will happen again. If you want to invest money, where better to invest than southern Ontario? There are quite a few places, I suppose, but not all that many. We will see a lot of investment in Hamilton during the next 5o years. I say we, yet I know that I won’t, but I think my grandsons will.
clem

Hamilton, Canada

#54 Jan 27, 2011
Tommy D_____ wrote:
Chicago is just the windy city to me. The closest I’ll ever get to see Chicago is on a computer screen, and I wouldn’t want it any other way. And I'll never see Hamilton, ever so clean. We live in a dirty city, but we accepted that heavy price for prosperity, but we are no longer prospering. This city is in decay.
But it will bounce back again, because of our terrain. Over the next 50 years, huge amounts of money will be invested in southern Ontario. We have the US as our protector, so world-wide investors know their money is safe. No threat of a communist government or a dictatorship, either of which might not like the capitalistic system and confiscate the investors’ money. It’s happened before, and it will happen again. If you want to invest money, where better to invest than southern Ontario? There are quite a few places, I suppose, but not all that many. We will see a lot of investment in Hamilton during the next 5o years. I say we, yet I know that I won’t, but I think my grandsons will.
The commies will be overtaking Hamilton this weekend .Brushing up my vocal chords for a howling rendition of Solidatory Forever.
Tommy D_____

Hamilton, Canada

#55 Jan 27, 2011
Just one last word about Chicago and their Lakeside project. I hope it gets built and I hope it’s a roaring success. It’s good to have successful places and successful people living on your doorstep. I think the people of Chicago are fine neighbours. They tend to stick to their own. I don’t recall any of them ever creating a fuss in my neighbourhood, not even Al Capone or Richard Daley. I hope they are prosperous and I wish them well.

People living in Canada are so lucky to live all along the Northern American border. From a geographical standpoint, we lucked in as a country. Some other countries didn’t fare so well.

Iraq shares its borders with Jordon, Syria, Turkey and Iran. Kenya borders Uganda, Ethiopia, Somalia, and Sudan. And then of course there’s Israel, bordering Jordon, Egypt, Lebanon and Syria. Christ, I think the Jews got screwed royally!

We share our border with the United States of America. From a business standpoint, we are the envy of the world. Could you imagine if Germany was on the southern border of the United States? North America would truly be a powerhouse, and clean as a whistle.



http://www.youtube.com/watch...

http://www.youtube.com/watch...
ZEN

Hamilton, Canada

#56 Jan 29, 2011
Some guy or gal named ZEN is stealing my thunder.
ZEN

Hamilton, Canada

#57 Jan 31, 2011
I would expect the Socialists to support the parade and Local 1005’s endeavor. And so they did.

If we look at the pecking order, from the TOP of the pyramid on down, we see: At the top,“Dictatorship,” one step down,“Communism,” then step down to “Conservatives,” then “Liberals,” then “New Democrats,” then further downward to “Socialism,” and finally to the “Commune Society,” or “Anarchy,” whichever prevails. THAT IS THE PECKING ORDER.

Canada is a Conservative country.
stalin

Delhi, Canada

#58 Feb 1, 2011
ZEN wrote:
I would expect the Socialists to support the parade and Local 1005’s endeavor. And so they did.
If we look at the pecking order, from the TOP of the pyramid on down, we see: At the top,“Dictatorship,” one step down,“Communism,” then step down to “Conservatives,” then “Liberals,” then “New Democrats,” then further downward to “Socialism,” and finally to the “Commune Society,” or “Anarchy,” whichever prevails. THAT IS THE PECKING ORDER.
Canada is a Conservative country.
Canada is known world wide to be a socialist democracy.Parliament is composed of 5 parties of which the Conservative party holds minority rule.(If Rolf and ZEN were elected,we'd have 7 parties)
Tommy D_____

Hamilton, Canada

#59 Feb 1, 2011
Socialism is an economic theory, or system, in which the means of production, distribution, and exchange are owned by the community collectively, usually through the state.

It is characterized by production for use, rather than profit.

By equality of individual wealth.

By the absence of competitive economic activity.

And usually, by government determination of investment, prices, and production levels.

We are a democracy that practices capitalism. We are definitely more socialist than the USA but far from being State owned. We still enjoy private property rights – well, to some degree at least.

I think, as a nation, we have found a nice compromise. We are not socialists, but we are not true capitalists either – OHIP and Ontario Hydro! Two beauties – lol.

We need more companies to operate like Hydro One – I can hardly wait for my next hydro bill.

As usual, the WORLD doesn’t understand Canada, but the world’s refugees sure do! Free medical, free dental, free groceries, free education, free homes, free cars, and free burial grounds. Oh Canada – it’s beauty. Our streets are lined with gold.

We are a kinder, gentler nation. We don’t spank our kids – it’s against the law.
ZEN

Hamilton, Canada

#60 Feb 1, 2011
If you want to be "looked after" or "taken care of" from cradle to grave, move to Cuba. Wait, Cuba just fired 500,000 state workers, so maybe on second thought, move to Venezuela.

If you want to be "looked after" or "taken care of" from cradle to grave, move to Cuba. Wait, Cuba just fired 500,000 state workers, and there are no "private" jobs in Cuba, so maybe on second thought, move to Venezuela. I wonder what those Cuban state workers will do now? Maybe they will all become scuba instructors - lol.

Tourism, come to Cuba one and all. Every tourist will receive their own personal scuba instructor upon arrival. AND they’ll be encouraged to take their personal instructor home with them when they leave.
Tommy D____

Hamilton, Canada

#61 Feb 2, 2011
United States Steel Corporation Chairman and Chief Executive Officer John P. Surma will host U.S. Rep. Tim Murphy (Pennsylvania) at U. S. Steel's Clairton Plant on Friday, Feb. 4, 2011, at 2 p.m. for a tour of the ongoing construction of C Battery as well as a meet-and-greet with employees at the facility.

Rep. Murphy is the chairman of the Congressional Steel Caucus, a bipartisan caucus that promotes the interests of the domestic steel industry and its workforce. He also sits on the House Energy and Commerce Committee and is vice-chair of the Subcommittee on Environment and Economy. The Clairton C Battery project is a major investment by U. S. Steel in improving the environmental performance of the nation's largest coke plant. Clairton Plant is part of the Mon Valley Works, an integrated steelmaking operation comprised of three facilities in the Pittsburgh area employing nearly 3,000 people.
FRANK

Hamilton, Canada

#62 Feb 4, 2011
By Noah Davis on February 4, 2011 10:42 AM

U.S. Steel Has Zero Sympathy for Steelers Fans Who Miss Work

The Pittsburgh Steelers are in this weekend’s Super Bowl.(Did you hear?) The city is, understandably, excited. The company from which the team takes its name, however, not so much.
According to a memo sent out by the management of U.S. Steel, employees who miss work on Sunday or Monday without a good reason will face “severe disciplinary action.”

USW International vice president Tom Conway isn’t taking the news lightly.In his Comic Sans moment, he “responded to the memo with an e-mail — in black-and-gold type, the Steelers’ colors — that suggested adjusting schedules so volunteers who don’t want to watch the game can work during it.”
That would make sense, you know. His other suggestion, less.

Conway seems to think any production lost during Sunday’s 3 p.m. to 11 p.m. shift could be made up later, which begs the question as to how that’s possible. Will they work harder after a Super Bowl win? Or harder after a loss? Why can’t they work harder all the time?

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