Steel plant lays off 50 employees

March 26, 2011 at 12:00a.m.

SHARON, Pa.

A union official said a steel-galvanizing plant in western Pennsylvania is laying off 50 employees, likely for months, because of slumping sales.

Officials at Sharon Coating Co. referred calls to a sister company Friday, where an official did not immediately return calls to comment.

But the president of the United Steelworkers unit that represents 200 workers said the layoffs are indefinite and could last “a couple months; it could be six months.”

The president said Thursday that the new layoffs bring to about 90 the number of plant workers out of work.

Home Savings financial results

Youngstown

United Community Financial Corp. reported a cumulative net loss of $37.3 million, or $1.22 per diluted share, for 2010.

In 2009, the holding company for Home Savings and Loan Co. reported a cumulative net loss of $16.8 million, or $0.56 per diluted share.

The company attributed the loss to increases in the provision for loan losses.

For the fourth quarter of 2010, the bank reported a consolidated net loss of $17.3 million, or $0.56 per diluted share, compared with a net loss of $16.3 million, or $0.54 per diluted share, for the same period in 2009.

Gender-differences workshop offered

Youngstown

The Youngstown/Warren Regional Chamber is hosting a workshop focusing on gender differences in workplace communication.

The event is scheduled at 7:30 a.m. April 6 at Youngstown State University’s Williamson College of Business.

Barbara Danforth, senior vice president at Ratliff & Taylor, will be the speaker. Ratliff & Taylor is a Cleveland-based executive search and placement firm.

The registration fee is $20 for members and $30 for nonmembers. The fee includes breakfast. Registration deadline is Thursday.

Oil prices

NEW YORK

Oil prices hit another post-recession high this week as economists said the world will keep consuming more petroleum even with this month’s destruction in Japan and the wave of uprisings in North Africa and the Middle East.

Benchmark West Texas Intermediate crude for May delivery settled Friday at $105.40 per barrel on the New York Mercantile Exchange. That was down 20 cents for the day, but oil still gained more than 4 percent this week. On Wednesday it hit $105.75 per barrel, the highest level since September 2008.

Retail gasoline prices have followed oil higher. The national average of $3.561 per gallon is the highest ever for this time of year. Pump prices already are above $4 per gallon in Alaska and Hawaii, and they’re nearly there in California.

Fuel prices are pressing higher despite a comfortable surplus of oil in the United States.

From staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .62, 22.48 —.11

Avalon Holdings,2.82—.04

Clear Channel, .76 56.50 .03

Cortland Bancorp, 6.10.10

Farmers Nat., .12, 4.30 —.13

First Energy, 2.20, 36.54—.04

FirstMerit Corp., .64,16.48 .10

First Niles Financial, .32,7.05.00

First Place Fin., 1.9899.12

FNB Corp., .48,10.17.08

General Motors,31.42.03

General Electric, .56,19.75—.03

Motors Liquidation, .053.01

Huntington Bank, .04, 6.60.10

JP Morgan Chase, 1.00,45.87.14

Key Corp, .04,8.72.06

LaFarge, 15.50 —.05

Macy’s, .20, 23.39.33

Parker Hannifin, 1.28, 93.04.10

PNC, .40,61.83.42

RTI Intl. Metals,30.09.38

Rural/Metro, 12.54 .31

Simon Prop. Grp.,3.20,104.57.89

Stoneridge 15.775 .07

United Community Fin. 1.33.01

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.