Tuesday, October 29, 2013

Steeltown Shudders

I am just barely old enough that headlines about U.S. Steel shutting down a plant makes me shudder personally just a bit. Even if, as is the case today, the plant is in Canada. Per the Hamilton Spectator today: We Won't Make Steel in Hamilton: US Steel.

But the plant has been on the chopping block for some time. USS tried to shut it down a few years ago and got caught up in some subsidy agreements that kept the plant open. The Spec even put up their headline from the time (see below), a headline that really is familiar to many a Pittsburgher to this day.  They will have a similar headline tomorrow no doubt.

If anyplace can relate to Hamilton's feelings right now, it remains Pittsburgh. As with Pittsburgh's experience three decades ago, Wall Street's priorities are a bit different than main street's. WSJ: Forget Those Losses – Market Cheers For U.S. Steel Cost Cuts.

Things that make you go hmmm. though  Shedding nonperforming assets; possibly deferring a costly move into a new headquarters... If USS stays in 600 Grant Street, I personally would love to know the length of time they sign a lease for.

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