This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

U.S. Steel Temporarily Idles Indiana Mill

Stocks in this article: X

GARY, Ind. -- U.S. Steel (X) has temporarily halted steelmaking at its massive northwestern Indiana mill because the ice-covered Great Lakes have cut off its access to vital iron ore and other raw materials.

The company said in a letter to its customers that it has idled the Gary Works complex's blast furnaces and steelmaking operations "due to unforeseen and unprecedented ice conditions on the Great Lakes" after the Midwest's frigid winter, The Times of Munster reported.

"These severe ice conditions have not occurred on the Great Lakes for more than three decades," the letter states.

Treacherous ice covering much of Lake Superior has prevented freighter ships from hauling iron ore -- an essential ingredient in steelmaking -- from Minnesota's Iron Range to northwestern Indiana steel mills.

The Great Lakes' ice cover hit its highest point in 35 years this winter, and Lake Superior remains more than 80% frozen, with 40-inch-thick shelf ice and stacks of ice chunks reaching up to 14 feet tall. U.S. Steel said it is working closely with United States and Canadian governmental authorities "to expedite and obtain priority passage of our raw materials vessels" on the lakes.

The company has informed its customers that it might not be able to fill their steel orders but is trying to find alternative supply paths.

The Gary Works complex is the nation's largest steel mill, stretching seven miles along Lake Michigan and capable of producing 7.5 million net tons of steel a year.

More than 5,800 employees at the mill continue reporting to work despite the temporary suspension of steelmaking operations.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs