U.S Steel to Reduce Working Hours - Analyst Blog
19 Dicembre 2011 - 9:45AM
Zacks
United States Steel
Corporation’s (X) Slovak unit will reduce working hours
from January due to the tougher economic environment in Europe.
As per the new arrangement, workers
will have to stay at home every Friday, and will receive 60% of
their salary. U.S. Steel’s plant in Kosice, eastern Slovakia, has
about 13,000 employees and its output accounts for 0.5% of the east
European country’s gross domestic product.
Other carmakers in Slovakia also
use a similar flexible system of leaving workers at home based on
demand.
U.S. Steel, the largest U.S.
steelmaker by volume, will continue to operate at the Lake Erie and
Hamilton plants in Ontario until 2015, according to the statement.
It will also contribute C$3 million toward community and education
programs in Hamilton and Nanticoke.
In October 2011, U. S. Steel
reported third-quarter 2011 adjusted net income of $118 million or
72 cents per share, exceeding the Zacks Consensus Estimate of 55
cents per share.
The net income excluded $96 million
or 57 cents per share of net foreign currency losses, primarily
related to the accounting re-measurement of the inter company
loans. Including this, net income came in at $22 million, or 15
cents per diluted share versus net loss of $51 million or loss of
35 cents per diluted share.
U.S. Steel competes with
international steel giants like ArcelorMittal
(MT), BaoSteel, Posco (PKX),
Nippon Steel and
ThyssenKrupp.
We maintain our Neutral
recommendation on United Steel with its quantitative Zacks #3 Rank
(short-term Hold rating).
ARCELOR MITTAL (MT): Free Stock Analysis Report
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UTD STATES STL (X): Free Stock Analysis Report
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