abc
QUICK LINKS:

US Steel's 3Q Results to Include $1.8B Charge

Created: 10/18/2013 4:33 PM WDIO.com

pITTSBURGH (AP) - U.S. Steel Corp. says its third-quarter financial results will include a non-cash "goodwill" impairment charge of $1.8 billion, reflecting an adjustment in the value of its steel-making operations.

The Pittsburgh-based company said Friday that the move is driven primarily by the impact of the lengthy economic recovery, excess global steelmaking capacity and lower prices for steel products.

The charge applies to US Steel's North American flat-rolled and Texas Operations units.

U.S. Steel says that the charge will not affect its liquidity or compliance with debt covenants.

Companies are required to take a goodwill charge if they determine that the carrying value of an asset exceeds its fair value.

U.S. Steel shares fell 5 cents in extended trading after closing up 32 cents at $23.98.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Front Page

  • Cook County Attorney's Trial Date set for July

    The date for a trial in the criminal sexual conduct case against the Cook County attorney has been set, according to online court records. The five-day trial for Tim Scannell will begin on July 21, with a pretrial hearing on July 7. 

  • Juvenile Correctional Facility Officer Faces Felonies for Alleged Sex with Inmate

    A 23-year-old Grand Rapids man faces five felonies for allegedly sexually assaulting a 15-year-old resident of the North Homes Juvenile Correctional Facility.

  • Ex-investment Adviser from Grand Marais Admits to Fraud Scheme

    Michael Drilling of Grand Marais pleaded guilty Thursday to one count of securities fraud. In his plea agreement, Drilling admitted to creating a scheme to defraud his investment advisory clients. Prosecutors say through his company, Financial Advisory Partners LLC, Drilling defrauded several of his clients by stealing over $5.6 million of their investment funds.

  • Packers Help Break Ground on Superior Sports Complex

    There may be fresh snow on the ground, but Superior High School is celebrating the upcoming construction of their new sports complex. After two decades of discussing and planning, the community got help from some special guests wearing green and gold to move the first bit of dirt for the NBC Spartan Sports Complex.

  • Challenge: No Electronic Devices

    Kids at the Hermantown Middle School have been living without their favorite electronic devices, texting, and Facebook for a few weeks. It's an effort to improve focus, in advance of some important test scores.

 

Flood Warning

MN AREAS AFFECTED: Aitkin; Crow Wing
Expires: 4/21/2014 7:00 AM

Advertisement
Advertisement
Advertisement
Advertisement