Company announces successful program results, calls it a stepping stone to restructuring
PITTSBURGH, PA, Feb. 6, 2009 -- United States Steel Corporation announced today that approximately 500 employees have elected to retire under a Voluntary Early Retirement Program (VERP) offered to certain non-represented Headquarters and Operations employees in the United States who met age and years-of-service criteria.
The retirement date for most employees will be February 28, with a few exceptions to allow for a short transition period. In connection with the program, U. S. Steel will take a first quarter pre-tax charge of approximately $70 million.
Among those who elected to retire are a number of executives, whose names will be announced in a series of press releases as internal notifications take place. The executive retirements will be effective on or about April 1, subject to an appropriate transition period.
As a result of this program, U. S. Steel will restructure its workforce as well as its leadership ranks to meet current business needs using a comprehensive succession plan. We expect that this restructuring could save approximately $50 million annually once it has been fully implemented.
The VERP is one element of a wide-ranging plan the company implemented to conserve cash and lower costs in light of the difficult global economic environment.
For more information about U. S. Steel, visit www.ussteel.com.
SOURCE: United States Steel Corporation
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Feedlots begin grinding corn stalks, driving alfafa prices down. Drought impact worsens, coastal prices still steady.
AMARILLO, TX, Feb. 6, 2009 -- Compared to last week, chopped alfalfa and large bale prices weakened as sellers found resistance from feedlots who are looking for cheaper roughage alternatives. Several lots are grinding anything including corn stalks to provide a roughage source at a cheaper price. Milo hay in particular is being ground and is providing excellent tests results.
Negative margins in the beef feeding sector along with losses in the dairy sector has reduced demand for some hay products. Sellers are trying to move inventories of old crop prior to the new crop, precipitating lower prices in some hay products. The exception seems to be high quality horse or dairy type hay that is almost always in short supply by the end of the winter.
Drought conditions in many areas have depleted hay stocks as supplemental feeding has occurred all winter even on wheat, oats, and rye pastures, keeping prices steady in those areas. Livestock producers in severe drought areas in south-central Texas have been forced to go far out of their normal marketing areas in order to purchase hay needs as hay has become extremely short.
Large rounds of any kind of grass very scarce and hard to find as producers have sold-out. Many feedlots and dairy farms are beginning to contract hay and corn silage for next year.
The state of Texas Department of Agriculture has the Hay and Grazing Hot Line set up for buyers and sellers, that number is 1-877-429-1998. The web site for TDA is www.tda.state.tx.us.
Prices for hay and pellets quoted per ton except where noted.
Panhandle:
Alfalfa:
Small Squares: Delivered:
Premium to Supreme quality 250.00-300.00, 8.00-10.00 per bale;
Good to Premium quality 200.00-250.00, 7.00-8.00 per bale.
Large Squares: Delivered:
Supreme to Premium quality 200.00-250.00, instances to 265.00;
Good to Premium quality 190.00-200.00;
Fair to Good quality 160.00-190.00.
Chopped Alfalfa:
Delivered to feedlots:
North: 175.00-185.00.
South: 180.00-190.00.
Milo Hay: Ground and Delivered: 100.00.
Wheat Hay:
Large rounds: Delivered:
Good quality 120.00-140.00;
Poor quality 100.00
Sorghum Hay: Large rounds: Delivered: 100.00-110.00.
Prairie grass hay: Delivered: large rounds: 140.00.
Haygrazer: Delivered: large rounds 125.00-135.00.
West Texas:
Alfalfa:
Small Squares:FOB:
Premium to Supreme quality 240.00-300.00, 8.00-10.00 per bale;
Good to Premium quality 200.00-240.00; 7.00-8.00 per bale.
Large Squares: Delivered:
Premium to Supreme quality 225.00-250.00;
Good to Premium quality 190.00-225.00;
Good quality 160.00-190.00.
North, Central and East Texas:
Alfalfa:
Small Squares:
Delivered:
Premium to Supreme quality 250.00-300.00, 8.00-10.00 per bale;
Good to Premium quality 7.00-8.00 per bale.
FOB:
Good to Premium quality 5.00-7.00 per bale in the barn.
Large Squares: Delivered:
Premium to Supreme quality 200.00-250.00, instances to 265.00;
Good to Premium quality 190.00-200.00.
Coastal Bermuda:
Small Squares: FOB:
Good to Premium quality 6.00-7.50 per bale;
Fair quality 5.00-6.00 per bale.
Large rounds: FOB:
Premium 70.00-80.00;
Good quality 50.00-70.00;
Fair quality 40.00-50.00 per roll.
South Texas:
Coastal Bermuda: Small squares: FOB or delivered locally:
Good to Premium quality 6.00-7.50;
Fair quality 5.00-6.00 per bale.
Large rounds: FOB:
Premium quality 70.00-90.00;
Good quality 50.00-70.00;
Poor quality 30.00-40.00 per roll.
See the complete report at http://www.ams.usda.gov/mnreports/am_gr310.txt.
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KC to host sixth annual Safety & Health Expo Feb. 27
KILGORE, TX, Feb. 5, 2009 -- The Kilgore College Occupational Safety and Health department will host the sixth annual Safety & Health Expo in the Devall Student Center on the KC campus. The event is scheduled for 7:30 a.m. – 1 p.m., Friday, Feb. 27.
Featured speaker for the event is Stephen Boyd from Dallas, who is the OSHA Area Director. Other speakers include Steven Carden, Brian Ruthven and J.R. Smith.
SCHEDULE OF EVENTS:
7:30 – 8 a.m., Registration, breakfast
8 – 9 a.m., “Workplace Violence” by Brian Ruthven
9 – 10 a.m., “OSHCON Update” by Steven Carden
10 – 10:30 a.m., Break/Vendor table visitation
10:30 – 11:30 a.m., “Operation Lifesaver” by J.R. Smith
11:30 – Noon, Break/Vendor table visitation
Noon – 1 p.m., “OSHA Update” by Stephen Boyd
Tables are currently available for any vendor interested in promoting their business. Tables are $300 per spot, tax deductable, provided by the KC student chapter of the American Society of Safety Engineers (ASSE).
“All proceeds from vendor tables and donations will benefit the KC student chapter in our goal of spreading the importance of safety throughout East Texas,” said Kamal Muhammad, ASSE president at KC.
Admission is free, but registration is recommended. Food will be served for breakfast free of charge to all who register.
For more information, or to register for the expo, contact Muhammad at (903) 917-3185.
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Kilgore College and the Small Business Development Center offer courses aimed at taking the pain out of start-ups
KILGORE, TX, Feb. 5, 2009 -- The Small Business Development Center (SBDC) has released its 2009 lineup of seminars and courses. Headlining the offerings is a course entitled 'How to Start & Operate a Business in East Texas'.
The course, given over eight weeks, covers various topics important to small businesses. The course is designed to help the person who is already in business or one who wishes to begin a business.
It offers a step-by-step approach to gaining knowledge needed to begin operation and keep the things running as smoothly as possible. The course aims to be a practical approach, and was designed by Brad Bunt, Director of the SBDC and Sandra Russell, CPA of Sandra H. Russell, P.C.
Each session features local professionals covering topics relevant to starting/operating a business. Topics such as the latest tax and corporate laws, insurance, financing programs and marketing trends are covered by local insurance agents, attorneys, CPAs, bankers, advertising consultants, and other business professionals.
Classes cost $99.00, including books and course materials, and are offered weekly from 6:30 to 8:30 p.m. in the following locations:
* Marshall - Center for Applied Technology, Tuesdays, Feb. 10th - Apr. 7th.
* Gilmer - Gilmer H.S. Career & Technology Bldg., Tuesdays, Feb.10th - Apr.7th.
* Longview - Kilgore College on Thursdays, February 12th - April 9th.
A certificate of completion will be presented to each student completing all eight classes.
Those interested in attending are urged to contact the SBDC at (903) 757-5857 or (800) 338-7232.
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Comptroller Susan Combs says future water shortages
threaten Texas’ way of life
AUSTIN, TX, Feb. 4, 2009 -- Developing and protecting our water resources is one of the most pressing long-term issues facing Texas, state Comptroller Susan Combs said today. Ensuring adequate and reliable sources of clean water is essential to protect the health of Texas citizens and the strength of the state economy.
“By 2060, more than 46 million people could be living in Texas, and demand for water will increase by an estimated 27 percent,” Combs said. “According to the Texas Water Development Board, failing to meet this demand could cost businesses and workers in the state approximately $9.1 billion per year by 2010 and $98.4 billion per year by 2060.”
The state could lose $466 million in tax revenue in 2010 and up to $5.4 billion by 2060 due to decreased business activity caused by insufficient water.
In addition to population growth, Texas’ vulnerability to drought makes long-term water planning both imperative and challenging, Combs said. Each of the several one- or two-year droughts in Texas during the past decade has cost agricultural producers and businesses between $1 billion and $4 billion annually.
Combs released a new report, Liquid Assets: The State of Texas’ Water Resources, examining Texas’ current and future water resources, the practical and policy barriers facing local and statewide water planners and possible funding mechanisms that could be tapped to develop Texas’ water resources. The report also looks at the progress made by Texas’ 16 regional water planning groups and the challenges those groups face in addressing their water needs.
Groundwater provides 59 percent of Texas’ available fresh water, surface water provides approximately 40 percent and the remaining 1 percent is made up of reused ground and surface water. Both sources are dwindling — groundwater due to over-pumping and surface water due to sediment accumulation in reservoirs. Liquid Assets: The State of Texas’ Water Resources reports Texas currently does not have enough water to fulfill all of its estimated future needs. Without new management and conservation measures, in the event of a drought, water needs could increase from 3.7 million acre-feet in 2010 to 8.8 million acre-feet in 2060. If Texas were to see a drought-of-record, up to 85 percent of the population in 2060 could experience water shortages.
In 1997, the Texas Legislature established a comprehensive water planning process in which the state’s 16 regional water planning groups work with the Water Development Board to assess future water needs in their regions, propose solutions and estimate their cost, culminating in a statewide water plan that is updated every five years. This “bottom-up” approach allows maximum input from local stakeholders such as agriculture, industry, cities, water utilities and power companies.
The current State Water Plan, adopted in 2007 by the Water Development Board, includes $30.7 billion in proposed projects. Water projects are funded by a combination of state and local dollars. In the last four years, state funding has made up approximately 2 percent of total water project funding. In fiscal 2008, the state provided $137.9 million. Cities and other local jurisdictions say the state will need to provide $2.4 billion by 2060 to help initiate essential, large-scale projects in communities throughout Texas. And, TWDB recently estimated that the amount needed from the state for these projects could increase to $16.6 billion in the next statewide water plan in 2012.
To meet Texas’ growing needs, Liquid Assets: The State of Texas’ Water Resources says officials should consider a dedicated funding source for water development. Options reviewed by the Joint Committee on State Water Funding in the Legislature include a sales tax on currently tax exempt water and sewer services provided by public water supply systems; a water conservation and development fee on customers’ utility bills; increasing the water rights fee currently paid by water rights holders; a water connection or “tap fee” on each water connection in the state; and a sales tax on bottled water. To ensure the state gets the most for its money and meets the critical water needs of all Texans today and in the future, Liquid Assets: The State of Texas’ Water Resources recommends further examining the issue of water conservation to ensure all communities are making an effort to conserve existing water supplies, and strengthening oversight and accountability to ensure funds go only to projects that are truly needed.
Liquid Assets: The State of Texas’ Water Resources recommends that officials considering proposals for water project funding should try to balance these criteria:
* Adequacy — the financing mechanism should be sufficient to cover identified costs without burdening those who pay the fees.
* Equity — the cost of water projects should be spread among all user groups in proportion to their demand for water.
* Specificity — funds raised for water development projects should not be diverted to other needs.
* Affordability — the plan should be sensitive to water users’ ability to pay, since a certain level of water use is non-discretionary.
* Simplicity — the plan should be easy to administer and follow.
* Conservation — the financing system should encourage water conservation and discourage inefficient use.
“Ensuring reliable water supplies for the future and balancing those supplies appropriately between rural and urban areas, and among agricultural, municipal, industrial and electricity-generating users is the challenge of our day,” Combs said. “State and local policymakers must also consider the economic impact of any new regulations affecting landowners’ private property rights in the water under their land. They can use this report as a tool to help drive sound and prudent water policy in the state.”
Liquid Assets: The State of Texas’ Water Resources can be found on the Comptroller’s Web site at www.window.state.tx.us/specialrpt/water.
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Feeder prices edge upwards, slaughter prices firm with good demand
ATHENS, TX, Jan. 30, 2009 -- Compared to last week, feeder steer prices firm to 2.00 higher. Feeder heifers steady to 2.00 higher. Slaughter cows and bulls steady, on good demand. Bulk supply Medium and Large 1-2 400-600 lb feeder steers and heifers.
Slaughter cows made up 6 percent of the offering, slaughter bulls 3 percent, replacement cows 9 percent, and feeders 82 percent. The feeder supply included 68 percent steers and 32 percent heifers. Near 14 percent of the run weighed over 600 lbs.
Cattle and Calves: 495
Week Ago: 984
Year Ago: N/A
Steers:
Medium and Large 1:
300-400 lbs 113.00-117.00, individual 127.50;
400-500 lbs 108.00-110.00, few to 114.00;
500-600 lbs 95.00-100.00.
Medium and Large 2:
300-400 lbs 104.00-111.00;
400-500 lbs 94.00-101.00;
500-600 lbs 86.00-95.00;
600-700 lb calves 80.00-84.00;
700-800 lbs 70.00-77.00.
Heifers:
Medium and Large 2:
300-400 lbs 85.00-93.00;
400-500 lbs 83.00-91.00;
500-600 lbs 78.00-81.00.
Slaughter Cows:
%Lean Weight Avg Dressing Hi Dressing Lo Dressing
Boners 80-85 1200-1600 43.00-48.00
Boners 80-85 1000-1200 42.50-46.50
Lean 85-90 1000-1200 30.00-38.00
Lean 85-90 800-1000 32.50-35.00 25.00-27.50
Slaughter Bulls:
Yield Grade 1-2 1300-2100 lbs 48.00-53.50
High Dressing 1725-2000 lbs 55.00-61.00
Replacement Cows:
Medium and Large 1-2: young 1010-1075 lb cows 5-8 months bred 61.00-70.00 CWT; middle aged 950-1140 lb cows 2-8 months bred 51.00-64.00 CWT;
aged 965-1115 lb cows 4-8 months bred 35.00-47.00 CWT.
Cow/Calf Pairs:
Medium and Large 1-2:
middle aged 980-1035 lb cows w/150-225 lb calves 750.00-910.00 per pair;
aged 825-1200 lb cows w/50-200 lb calves 340.00-680.00 per pair.
Source: Texas Dept of Ag Market News-USDA Market News, Amarillo, TX
See the full report at http://www.ams.usda.gov/mnreports/am_ls140.txt.
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