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Sunday, Oct 20
U.S. Steel to take $1.8B in writedowns in Q3
- U.S. Steel (X) expects to book $1.8B in goodwill impairment charges in Q3 on its North American flat-rolled and Texas operations.
- However, the company said the action will not affect its liquidity or compliance with debt covenants.
- U.S. Steel is writing down the flat-rolled unit by $1B, mainly due to the slow economic recovery and excess global capacity.
- The company is taking an $800M hit on the Texas operations because of price and volume pressures "from an increased supply of welded tubular products." (PR)