Steel Mills
October 27, 2013
U.S. Steel’s $1.8 Billion “Goodwill Impairment” Charge
Written by John Packard
U.S. Steel will report their 3rd Quarter earnings this week. Prior to the announcement the company and its new CEO, Mario Longhi announced what many in the industry already knew – two asset purchases made in 2007 are not worth what the company paid for them. The result is USS is taking a non-cash goodwill impairment charge.
I asked one of the metals and mining analysts to explain to Steel Market Update what is meant by a “non-cash goodwill impairment charge.”
