Steel Mills
US Steel Asserts Ownership of USSC Intellectual Property
Written by Sandy Williams
June 9, 2016
A new wrinkle has developed in the dispute between US Steel Canada and its former parent US Steel.
US Steel is claiming ownership of USSC’s intellectual property and says the Canadian company cannot include it in the sale of its facilities.
USSC’s chief restructuring officer, Bill Aziz, said that without a clear title to the intellectual property, which includes the formulas and processes for its advanced high strength steels, the sales process will be impaired and make it difficult to secure a buyer.
“U.S.S.C. has historically been a significant supplier to the automotive industry of products including advanced high-strength steels,” Aziz said.
He added the company’s “production assets have excellent and well-demonstrated capability for the production of such steels and that the uncertainty with respect to potential restrictions on U.S.S.C.’s ability to produce advanced high-strength steels could diminish the value of U.S.S.C. and/or its assets in the eyes of participants in the (sales process).”
US Steel Canada has petitioned the court to decide which company owns the intellectual property. That motion will be heard in court on Monday, June 13.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor eyes long-term gains amid strong demand and trade enforcement
Resilient demand across its steel product lines, combined with the continued ramp-up of key expansion projects, drove Nucor’s improved financial results and record-setting performance in the second quarter. That’s according to company executives speaking on an earnings conference call on Tuesday.
Three independent, new directors join USS board
U.S. Steel (USS) appointed three new, independent US members to its board of directors, the company announced.
Nucor reports improved earnings, sales, and operating rates
Nucor reported a sharp sequential rebound in the second quarter, buoyed by improved pricing and strong shipments. But the steelmaker is bracing for a modest slowdown in the months ahead.
Cliffs confirms Cleveland furnace restart, Dearborn furnace idling
Cleveland-Cliffs is idling blast furnace, BOF shop, and continuous caster functions at its Dearborn plant, but downstream operations will remain unaffected, the company confirmed. Cliffs said its pickling line tandeom cold mill (PLTCM) and its extra wide automotive-grade galvanizing line for exposed parts will continue operations at the Dearborn, Michigan-based facility.
Nucor spot HR list price unchanged at $900/ton
Nucor maintained its weekly list price for hot-rolled (HR) coil flat this week, following a price cut the previous week.