Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, September 23, 2014

U.S. Steel Canada moving quickly to sell Hamilton assets, (NYSE: X)

United States Steel Corp's Canadian unit is preparing to quickly put its Hamilton assets up for sale and also hopes to run an auction process for its operations on Lake Erie, court filings showed on Tuesday. The steelmaker's Canadian subsidiary filed for protection from its creditors last week and said it was considering asset sales. The proposed auctions do not mean that a sale will necessarily be completed.In an affidavit, U.S. Steel Canada President Michael McQuade said a sale process for the Hamilton Works is an "important and sensible step" which will give the company and its stakeholders "a better understanding of the potential options available."Much of U.S. Steel Canada's value is seen residing in Lake Erie, with years of job cutbacks, environmental liabilities and the weight of a massive retiree base weighing on the worth of the Hamilton assets.The restructuring process could affect more than 14,000 retirees who depend on U.S. Steel pensions. The Canada unit has a pension fund deficit of more than $750 million.

United States Steel Corporation (U. S. Steel) is an integrated steel producer of flat-rolled and tubular products with production ope. Shares of X traded higher by 0.11% or $0.05/share to $43.90. In the past year, the shares have traded as low as $20.00 and as high as $46.55. On average, 7905880 shares of X exchange hands on a given day and today's volume is recorded at 4980668.