USS Canada Losses Continue to Accumulate

US Steel Canada cash flow improved in October with receipts totaling $360.8 million. A ten percent increase in production at Lake Erie Works and a willingness by vendors to extend credit to the troubled company were the primary factors in USSC results, according to a report by court appointed monitor Alex Morrison. Although cash flow improved since USSC entered credit protection, net losses continue to mount each month. In the first ten months of 2014, net loss for USSC totaled $198 million primarily due to the negative impact of Hamilton Works.

From January to October Hamilton Works generated $527.8 million compared to $1,286.7 million at Lake Erie Works. Net loss at Hamilton for the period totaled $228.8 million while Lake Erie showed net income of $30.5 million.