US Steel to shut down plant in Canada

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Associated Press

Posted on October 29, 2013 at 4:01 PM

Updated Tuesday, Oct 29 at 4:01 PM

HAMILTON, Ontario (AP) — U.S. Steel Corp. is shutting down its iron and steelmaking plant in Hamilton, Ontario, by year's end as part of a bid to cut costs.

President and chief executive Mario Longhi made the comments on a conference call with analysts on Tuesday.

The company's website says it employs approximately 2,200 people at the production complex.

The company says it will take a non-cash charge in its fourth quarter of approximately $225 million related to the decision.

U.S. Steel acquired the integrated steelmaking operations when it bought Stelco, one of Canada's largest steel manufacturers, in 2007.

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