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US Steel to Shut Down Plant in Ontario

Created: 10/29/2013 4:46 PM WDIO.com

HAMILTON, Ontario (AP) - U.S. Steel Corp. is shutting down its iron and steelmaking plant in Hamilton, Ontario, by year's end as part of a bid to cut costs.

President and chief executive Mario Longhi made the comments on a conference call with analysts on Tuesday.

The company's website says it employs approximately 2,200 people at the production complex.

The company says it will take a non-cash charge in its fourth quarter of approximately $225 million related to the decision.

U.S. Steel acquired the integrated steelmaking operations when it bought Stelco, one of Canada's largest steel manufacturers, in 2007.

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 This material may not be published, broadcast, rewritten or redistributed.)

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