Steel Mills
US Steel Asserts Ownership of USSC Intellectual Property
Written by Sandy Williams
June 9, 2016
A new wrinkle has developed in the dispute between US Steel Canada and its former parent US Steel.
US Steel is claiming ownership of USSC’s intellectual property and says the Canadian company cannot include it in the sale of its facilities.
USSC’s chief restructuring officer, Bill Aziz, said that without a clear title to the intellectual property, which includes the formulas and processes for its advanced high strength steels, the sales process will be impaired and make it difficult to secure a buyer.
“U.S.S.C. has historically been a significant supplier to the automotive industry of products including advanced high-strength steels,” Aziz said.
He added the company’s “production assets have excellent and well-demonstrated capability for the production of such steels and that the uncertainty with respect to potential restrictions on U.S.S.C.’s ability to produce advanced high-strength steels could diminish the value of U.S.S.C. and/or its assets in the eyes of participants in the (sales process).”
US Steel Canada has petitioned the court to decide which company owns the intellectual property. That motion will be heard in court on Monday, June 13.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
USS confirms split CFIUS decision on Nippon deal; it’s now up to Biden
Nippon Steel's purchase of U.S. Steel could lead to lower steel output domestically, and that presents “a national security risk," the Washington Post reported.
USS/Nippon deal: Who will have the happiest holidays?
Will Santa bring gifts for the leadership, employees, and shareholders of U.S. Steel and Nippon Steel, and lumps of coal for USW leadership and politicians opposed to the deal?
‘Orderly liquidation’ of AHMSA assets begins
A trustee has formally taken over AHMSA and begun the liquidation process of the bankrupt Mexican steelmaker.
Nippon buying stake in Canadian iron ore project
Nippon Steel and a Japanese trading company have entered an agreement to buy a 49% interest in a Champion Iron ore project in Canada.
USS anticipates Q4 loss on weak demand, BR2 start-up
Amid a challenging pricing and demand environment, and with the ongoing ramp-up of the Big River 2 mill, USS is anticipating a loss for the fourth quarter.