Closing Hamilton operations puts U.S. Steel in the red

U.S. Steel is reporting a $122 million loss in the fourth quarter of 2013, an increase from the same time last year.

The latest report includes the $302 million cost of shutting down the iron and steel operations in Hamilton late last year. According to the company the closure is expected to improve costs by nearly $50 million a year.

U.S. Steel has now reported losses in seven of the past nine quarters.