U.S. Steel Corp. this week reported a full-year 2015 net loss of $1.5 billion, as the global steel market continues to struggle and shows no signs of a quick turnaround.
At the local level, a loss of $91 million was reported over the company's 2015 efforts to shut down the flat-rolled operations at the Fairfield Works.
"Our progress is real and it is substantial, but our fourth quarter and full-year results show that it is not yet enough to fully overcome some of the worst market and business conditions we have seen, " said U.S. Steel CEO and President MarioLonghi .
Company leaders once again noted that imported steel products, many of which are government subsidized, continue to plaque the domestic market.
The company said as a result, the average realized prices for its flat-rolled products declined during the fourth quarter by approximately $30 per ton.
U.S. Steel's struggles are likely to continue to be felt in Fairfield, where the company had substantial layoffs in 2015.
SOurce: Bizjournal