STEEL

TimkenSteel posts profit

despite a slump in sales

A dip in sales didn't prevent TimkenSteel from posting a first-quarter profit.

For the quarter that ended March 31, profits are $4.2 million, or 9 cents per share, compared with a loss of $1.4 million, or 4 cents per share, during the 2018 first quarter. Sales were $371 million, down 2.5% from $380.8 million last year.

Through the rest of the year, TimkenSteel expects to continue to benefit from improved pricing and product mix. The company expects improved profitability as a result.

TimkenSteel announced its first-quarter results after the stock market closed Thursday. Shares closed at $9.82 down 16 cents on the day in average trading.

U.S. Steel plans to invest

$1 billion in Pennsylvania

U.S. Steel will invest more than $1 billion on state-of-the-art facilities in western Pennsylvania that it says will improve its steelmaking efficiency and reduce emissions at its Mon Valley Works operations, the company said Thursday.

The announcement comes just days after two environmental groups sued the steelmaker for violating the Clean Air Act.

U.S. Steel says new casting and rolling technology at its Edgar Thompson Plant will allow it to combine thin slab casting and hot rolled band production into one process, the first of its kind in the country.

PUBLISHING

New Media revenue rises

despite loss of $9 million

The parent company of the Akron Beacon Journal reported it lost more than $9 million on higher revenue for its first quarter of 2019.

New Media Investment Group Inc., parent of Beacon Journal corporate owner GateHouse Media, said the $9.1 million loss came on revenue of $387.6 million for the quarter ending March 31. Revenue was up 13.7 percent from $340.8 million a year ago, but was down 7.4 percent for properties owned at least a year.

OIL/GAS

Exxon Mobil to expand

Texas chemicals plant

Exxon Mobil says it plans to spend $2 billion to expand a chemicals plant next to the Houston Ship Channel and that the project will create 2,000 temporary construction jobs.

The company said Thursday it will build a new unit at the Baytown plant to make chemical compounds that give plastics more elasticity and flexibility, and produce ingredients used in engine and industrial oils.

Exxon says the facility should begin operating in 2022.