Author: Paul Ploumis18 Sep 2014 Last updated at 03:29:59 GMT
SEATLLE (Scrap Monster): The country’s largest steel maker- United States Steel Corporation (US Steel) has made major announcements aimed at strengthening its US and Canada operations.
The company has decided not to renew the permits for expansion works at the Keetac iron ore pellet facility in Keewatin, Minnesota. The company had obtained permit from the state regulator to carry out a $300 million expansion work at the facility which was expected to create immense job opportunities. The expansion would have modernized the mill and raised the iron pellet production at the plant to 9.6 million tons.
The company has also decided to halt any further investment to the development and construction activities at the Gary Works carbon alloy facilities. The project was intended to develop two modules which could replace the traditionally manufactured coke with carbon alloy materials. One of the two modules which have been constructed will now be idled. The construction of the second module will be dropped.
The Director board of the loss-making Canadian subsidiary of US Steel has decided to apply for apply for relief from its creditors. The company has obtained a court order that stays the claim of certain creditors under the provisions of the Companies' Creditors Arrangement Act. It also allows the company to carry on its operations while it develops and implements a restructuring plan.