On Wednesday, in the course of afternoon trade, Shares of United States Steel Corporation (NYSE:X), dropped -0.28%, and is now trading at $14.29.
United States Steel Corporation declared the projected intent to permanently close its blast furnace and associated steelmaking operations, together with most of the flat-rolled finishing operations at Fairfield Works in Fairfield, Ala.
“We have made some difficult decisions over the last year as part of our portfolio optimization,” said Mario Longhi, U. S. Steel President, and CEO. “We have determined that the permanent shut-down of the Fairfield Works blast furnace, steelmaking, and most of the finishing operations is necessary to improve the overall efficiency and cost structure of our flat-rolled segment.”
Under this action, the blast furnace and associated steelmaking operations will be idled. They and the finishing operations would be permanently closed on or after Nov. 17, 2015. The facilities that would permanently close comprise the blast furnace and steelmaking operations, the hot strip mill, the pickle line, cold mill, annealing facility, and stretch and temper line. The slab and rounds casters, the #5 coating line and the Double G hot-dip galvanizing joint venture in nearby Jackson, Miss. would continue to operate. The decision does not influence Fairfield Tubular Operations or the electric arc furnace (EAF) construction project.
United States Steel Corporation produces and sells flat-rolled and tubular steel products in North America and Europe. It operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular).
During an Afternoon trade, Shares of Medtronic PLC (NYSE:MDT), climbed 0.80%, and is now trading at $70.44.
Medtronic plc, declared that it has signed a definitive agreement to acquire Twelve, Inc. a privately held medical device company based in Redwood City, Calif., focused on the development of a transcatheter mitral valve replacement (TMVR) device. Twelve is the twelfth company spun out from the premier medical device incubator The Foundry.
“Upon close, this acquisition will plannedally augment our existing capabilities in the transcatheter mitral space, which represents an important growth opportunity for Medtronic,” said Sean Salmon, senior vice president and president, Coronary & Structural Heart, Medtronic. “We have followed the transcatheter mitral valve space closely and firmly believe that Twelve has the most novel technology together with a strong, proven team. The combined strengths of our organizations will significantly accelerate our ability to deliver an exciting and differentiated therapy to patients, physicians, and healthcare systems around the world.”
Mitral regurgitation occurs when the heart`s mitral valve fails to close normally, allowing blood to flow backward when the heart contracts. Over time, this will lead to declining heart function and heart failure. The TMVR device under development is being designed to treat patients with mitral valve regurgitation in whom standard restorative surgery is not recommended. The majority of these patients are largely underserved with limited treatment options.
Medtronic plc manufactures and sells device-based medical therapies worldwide. The company’s Cardiac and Vascular Group segment offers pacemakers, implantable cardioverter defibrillators, implantable cardiac resynchronization therapy devices, AF products, diagnostics and monitoring devices, and remote monitoring and patient-centered software; and heart valves, percutaneous coronary intervention stent products, surgical valve replacement and repair products, endovascular stent grafts, and peripheral vascular intervention products.
Finally, 8×8, Inc. (NASDAQ:EGHT), lost -2.36% Wednesday.
8×8, Inc., declared that the company was awarded a 2015 Communications Solutions Product of the Year Award for Virtual Office Analytics (VO Analytics) by TMC, a global, integrated media company. One of TMC’s most coveted technology achievements, the award honors exceptional products and services that facilitate voice, data, and video communications that were introduced in the market or significantly improved over the last 12 months.
“Our sincere congratulations to 8×8 for its 2015 Communications Solutions Product of the Year Award,” said Rich Tehrani, CEO at TMC. “VO Analytics offers a number of unique capabilities for businesses and is amongst the most innovative solutions we’ve seen for enterprise cloud communications in the past year. We always expect 8×8 to push technology barriers in unified communications and look forward to the company’s product progression and continued move up-market.”
8×8, Inc. provides voice over Internet protocol (VoIP) technology and software as a service (SaaS) communication solutions in the cloud for small and medium businesses and mid-market and distributed enterprises.
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