US Steel closes down steel online unit
According to recent market reports, US Steel has decided to close its steel online unit called Straightline. The company has lost more than $100 million on the venture. Straightline is scheduled to close by the end of year. After the closure, US Steel will take a pre-tax charge of about $25 million. Straightline was established for smaller steel buyers to place internet orders. With this venture, US Steel wanted to assemble those orders to larger productions and involve other companies to process and deliver the steel. However, company officials stated that Straightline could not obtain the expected amount. Straightline has reported $108 million loss since 2001.