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Thursday, Aug 29
U.S. Steel workers in Canada expected to reject latest offer to end strike
- Workers at a U.S. Steel (X) mill in Canada are expected to reject the company's latest offer on a new contract, WSJ reports, prolonging a five-month lockout that has rippled throughout North America's steel industry.
- The Lake Erie plant has an annual capacity of 2.9M tons, or 13.4% of U.S. Steel's output; with that production offline, supply has been constrained, which has helped steelmakers industry-wide boost prices.
- Current U.S. Steel CEO John Surma, who is stepping down at the end of this month, has said the Canadian lockout contributed to the decline in Q2 operating profit to $47M from $330M a year earlier.
- Shares +0.8% premarket.