DETROIT -- Olympic Steel Inc. and United States Steel Corp. plan to shut down their joint venture here by the end of the first quarter.
The joint venture, in Van Buren Township, Mich., produces laser-welded steel blanks. Olympic Steel said it expects a $3.5 million pretax charge in its fourth-quarter earnings to cover closing and liquidation costs.
U.S. Steel said it would disclose the financial impact of the closing in its earnings statement this month.
Olympic Steel, of Cleveland, supplies processed carbon, coated and stainless flat-rolled sheet, and coil and plate steel products.
U.S. Steel, of Pittsburgh, produces steel sheet, tubular and tin products, and coke and taconite products.