Halliburton, Baker Hughes to scrap controversial merger

Halliburton Co. HAL, +0.66%   and Baker Hughes Inc. BHI, +1.04%   called off their merger, once valued at nearly $35 billion, which encountered opposition on several continents from regulators who claimed that it would hurt competition in the oil-field services business.

The deal to combine the world’s second- and third-largest oil-field services firms after Schlumberger Ltd. SLB, +0.70%   appeared troubled since April 6, when the Justice Department filed a lawsuit to block it. The merger also had encountered opposition from regulators in Europe.

US Steel to cut production

Company cites slowdown in the domestic oil industry as reason for adjustment.
Recycling Today Staff January 29, 2015
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U.S. Steel Corp., headquartered in Pittsburgh, has announced plans to temporarily adjust operations at its Lone Star Tubular Operations in Lone Star, Texas, and at its Fairfield Tubular Operations in Fairfield, Alabama. The company’s Fairfield Works plant, the primary flat-roll supplier of rounds to its Fairfield Tubular Operations, also will adjust its operations.

U.S. Steel says the decision to idle production at the mills is in response to softening market conditions in the energy sector. With oil prices steadily declining, the domestic oil industry has scaled back its drilling.

The company says it routinely adjusts production at its various facilities to reflect market fluctuations. The adjustment is a temporary reduction in operating levels and is not a full idling of plant operations, the company says.

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