CSX plans $50M W. Pa. truck-train facility
MCKEES ROCKS, Pa. -- CSX Corp. plans to build a $50 million truck-to-train freight transfer station in one of Pittsburgh's poorest suburbs.
Officials in McKees Rocks hope the mile-long facility, which stretches into neighboring Stowe Township along the Ohio River, will jumpstart plans for a business park next to it. McKees Rocks Mayor Jack Muhr says, "This is the kind of development project that can pave the way for more growth."
The 70-acre facility will be used to transfer cargo containers between trucks and rail cars. Construction on the former Pennsylvania & Lake Erie Railroad maintenance site is expected to begin in 2015 and take two years.
CSX says the project will create 360 construction jobs, 80 transportation jobs on the site, and 100 related jobs.
NYSE sets 'dry run' for Twitter public offering
NEW YORK -- The New York Stock Exchange isn't taking any chances with Twitter's initial public offering.
The Big Board said Friday it would allow trading firms to conduct a dry run of their systems to prepare for Twitter's IPO. The exchange seems to want to avoid the technical problems that marred Facebook's debut on the Nasdaq Stock Exchange in May 2012. The glitches were a major embarrassment for Nasdaq, and resulted in a big fine.
The NYSE test will occur on Saturday, Oct. 26, according to a notice sent out to traders.
Twitter said earlier this week that it had chosen to list with the NYSE over rival Nasdaq. The micro-blogging service is expected to go public sometime in November, possibly before Thanksgiving. It will trade under the ticker "TWTR" on the NYSE.
Twitter's IPO is the biggest technology debut since Facebook's.
US Steel's 3Q results to include $1.8B charge
PITTSBURGH -- U.S. Steel Corp. says its third-quarter financial results will include a non-cash "goodwill" impairment charge of $1.8 billion, reflecting an adjustment in the value of its steel-making operations.
The Pittsburgh-based company said Friday that the move is driven primarily by the impact of the lengthy economic recovery, excess global steelmaking capacity and lower prices for steel products.
The charge applies to US Steel's North American flat-rolled and Texas Operations units.
U.S. Steel says that the charge will not affect its liquidity or compliance with debt covenants.
Companies are required to take a goodwill charge if they determine that the carrying value of an asset exceeds its fair value.
U.S. Steel shares fell 5 cents in extended trading after closing up 32 cents at $23.98.
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