On Wednesday, Shares of United States Steel Corp. (NYSE:X), lost -4.84% and closed at $8.66. The last trading range of the stock ranges between $8.55 9.58.
United States Steel Corp., declared that it will postpone construction of its Electric Arc Furnace (EAF) at its Fairfield Works in Birmingham, Ala., due to continued challenging market conditions in both the oil and gas and steel industries.
On Dec. 14, 2015 oil prices hit an eight-year low in the same week that rig counts dropped by another 28 to a 16-year low of 709. The company continues to feel the effect of these energy market conditions, together with low steel prices and continued high levels of imports. In order to combat these continued challenging global market conditions, U. S. Steel has made the decision to postpone the construction of the 1.6 million net ton EAF facility at Fairfield Works in Birmingham, Ala., until market conditions improve.
The postponement of the construction EAF will not impact the companys ability to serve its customers across all sectors as U. S. Steel will continue to operate the Fairfield pipe mill, and its steelmaking operations in Indiana, Michigan and Pennsylvania. Fairfields #5 coating line and the Double G hot-dip galvanizing joint venture in nearby Jackson, Miss. will continue to operate.
Ascent Solar Technologies, Inc. (NASDAQ:ASTI), lost -4.39% and closed at $0.1439. The company’s market capitalization is $23.30M.
Ascent Solar Technologies declared that the Company has fully settled the final cash portion of its senior secured convertible notes (Notes), following the agreement declared on November 23, 2015. Following this settlement, the remaining principal balance of outstanding Notes has been reduced to about $52,000. The Company anticipates this remaining amount to be converted or stepped down in the near future.
We are happy to have settled this portion of the Notes as planned, commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. Following this final cash settlement, the Company has effectively accomplished the debt restructuring exercise that was declared back in September 2015. This completion will allow Ascent Solar to move forward on more favorable terms with its new funding partner in 2016, and benefit from raised financial flexibility. We appreciate our shareholders patience through this arduous process, and we look forward to providing product updates as we move closer to CES in January 2016.
Shares of Sanchez Energy Corporation (NYSE:SN), ended its last trade with 16.45% surge, and closed at $4.39. The average volume of the company is at 2,321,860 shares. The EPS of the company stands at $-27.36.
Sanchez Energy Corporation declared the appointment of Greg Kopel as Senior Vice President and General Counsel, effective December 14, 2015.
Before this appointment, Mr. Kopel served as Vice President and Associate General Counsel at Breitburn Energy Partners LP. He has also served in corporate legal positions at Occidental Petroleum Corporation and Linn Energy LLC. Mr. Kopel earned a B.A. in Government at the University of Texas at Austin, and a J.D. at the University of Houston, and began his career working at two international law firms.
Sanchez Energys Chief Executive Officer, Tony Sanchez, III, said We are delighted to have Greg join our senior administration team. He has strong legal and industry experience, and I look forward to Greg providing planned advice and guidance as we continue to identify opportunities to improvement shareholder value at Sanchez Energy.
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