Steel Mills
Rumors of Potential Buyers for US Steel Kosice
Written by Sandy Williams
July 27, 2016
US Steel Kosice, located in Slovakia, is attracting attention from Chinese, Russian and South Korean investors according to a report by BNE Intellinews.
The steelworks is Slovakia’s biggest employer in an area of high unemployment. Local media outlet SME said analysts are suggesting the mill may be taken over by South Korean steel mill POSCO which has an established relationship with US Steel.
US Steel considered selling Kosice three years ago but decided to keep the plant after receiving incentives from the government. According to BNE Intellinews, US Steel has been in contentious flights with the union and government regarding its plans for the plant.
Intellinews reported thee Slovak government said in May it would consider buying a stake in the plant if US Steel seeks an exit by “selling to a ‘non-standard’ owner.”
SME reported that Russia’s Metallaoinvest group and an unnamed Chinese company have shown interest in the Kosice plant as well as POSCO.
US Steel reported a strong performance for its European segment in Q2 with capacity utilization at 101 percent.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor reports IT systems breach
Nucor said it temporarily and proactively halted some production operations at various locations.
Cliffs talks DOE funding, blast furnace relining schedule
The future of two projects supported in part by funding through the Department of Energy remains uncertain.
Cleveland-Cliffs open to asset sales
Meanwhile, its Canadian operations have been hurt by the broader tariffs proposed by the United States.
As Q1 loss balloons, Cliffs pledges to cut costs, streamline operations
Cleveland-Cliffs Inc. gushed red ink in the first quarter, and pledged to stem the bleeding by idling inefficient, “loss-making operations” and increasing focus on its core automotive business.
Cliffs plans to idle three mills, cut 950 jobs on ‘insufficient demand and pricing’
Cleveland-Cliffs plans to indefinitely idle its steel mill in Riverdale, Ill., as well as mills in Conshohocken, Pa., and Steelton, Pa. The Cleveland-based steelmaker said all three facilities would be idled on or around June 30. Approximately 950 jobs will be impacted, the company said.