WidePoint: Q2 Earnings Snapshot
The Fairfax, Virginia-based company said it had a loss of 6 cents per share.
The information technology services provider posted revenue of $37.9 million in the period.
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Gas valve failure during routine maintenance work may have led to fatal explosion, US Steel says
HARRISBURG, Pa. -- Preparations for a routine maintenance task may have led to an explosion at a U.S. Steel coal-processing plant near Pittsburgh that left two dead and sent 10 to hospitals, the company said Friday. U.S. Steel said it developed the information, along with other investigators, from reviewing video footage and interviewing employees. That has suggested to them that the explosion happened when workers were flushing a gas valve in preparation for a routine planned maintenance task, the company said. The explosion, which heavily damaged part of the sprawling facility, started around a set of ovens where coal is baked to 1,200 degrees Fahrenheit (648.89 Celsius) into a more efficient carbon fuel called coke, a key component in steelmaking. A byproduct of processing the coal is a combustible gas called coke oven gas, made up of a lethal mix of methane, carbon dioxide and carbon monoxide. 'Pressure built inside the valve, leading to valve failure and coke oven gas filling the area and ultimately exploding when finding an ignition source,' U.S. Steel said. U.S. Steel didn't say why pressure built inside the valve or what was the ignition source. It said the investigation is in the early stages and that it will provide more information when it can. The United Steelworkers union, which represents workers killed and injured in the explosion, had no immediate comment. The massive plant along the Monongahela River in Clairton is considered the largest coking operation in North America and, along with a blast furnace and finishing mill up the river, is one of a handful of integrated steelmaking operations left in the U.S. The blast was so powerful that it sent a plume of black smoke into the sky, shook the ground and was heard by some people a mile or more away. It took hours to find two missing workers, one dead and one alive, beneath charred wreckage and rubble. The Clairton plant is nearly 110 years old. Japan-based Nippon Steel finalized its acquisition of U.S. Steel in June, winning President Donald Trump's approval after he reversed then-President Joe Biden's decision to block it. To change Trump's mind, Nippon Steel boosted its commitment to invest money into U.S. Steel's aging plants and gave the federal government a say over some matters involving domestic steel production.
San Francisco Chronicle
2 hours ago
- San Francisco Chronicle
California's third-largest home insurer seeks to hike rates
Mercury Insurance, the third largest home insurer in California, submitted a request for a new rate hike on Friday — the first filing to utilize new state reforms that alter how insurance companies can price for wildfire risk. The filing asks regulators to approve a statewide increase of 6.9%, according to the company. The full details of the filing were not available online as of Friday afternoon. In a statement, Mercury said the increase was necessary to compensate for the insurer's exposure to wildfire risk and inflation that drives up the cost of paying claims. Each homeowners' exact rate change will depend on their wildfires risk — some may see increases that are lower than the average, or even decreases; others' rates will rise above the average. The company said it would also be offering new discounts for wildfire mitigation work, such as installing ember-resistant vents or clearing out brush, which could reduce customers' wildfire portion of their premiums by as much as a third. Mercury is the first company to submit for a rate increase under the Sustainable Insurance Strategy, a package of reforms spearheaded by Insurance Commissioner Ricardo Lara aimed at making insurance more available in California. The reforms allow insurance companies to begin using forward-looking models of wildfire risk to influence premiums and to pass along some of the cost of reinsurance — insurance for insurers — to customers. These reforms were widely expected to lead to rate increases, but also come with a requirement for companies to write more policies in high wildfire-risk areas if they don't do so already. Last year, Mercury confirmed to the Chronicle that it would be among the companies that would be required to write more policies under the new regulations. In anticipation of the reforms being finalized, it announced plans to insure more than 200 homes in Paradise (Butte County), the site of the 2018 Camp Fire. Over the past few years, Los Angeles-based Mercury has scaled up its presence in California's home insurance line, rising from the seventh largest home insurer in 2021 to the third largest in 2024 behind State Farm General and Farmers Insurance Group. Over that same period, Mercury has raised home insurance rates four times — a 6.9% increase in 2021 followed by a 12.6% increase in 2023, a 7% increase in 2024 and another 12% increase that went into effect this March. It's common to see insurance companies request rate hikes of 6.9%. That's because under Proposition 103, the 1988 voter initiative that established California's system for reviewing rate hike requests, consumer groups can request a mandatory hearing for requests of 7% and above. Mercury CEO Gabriel Tirador said in a statement that he believed Lara's reforms would successfully stabilize California's home insurance market. 'Our filing is the first step toward Mercury's goal of expanding insurance options for California homeowners and underscores our 60-year commitment to California customers and agents,' Tirador wrote. 'As other companies scaled back their California operations, Mercury stepped up to provide more options for our agents and customers, and we are committed to continuing our efforts to help protect our California neighbors well into the future.' Its filing makes use of a wildfire catastrophe model made by Verisk, one of three such models recently approved for use by the department. The department will now review whether Mercury's usage of the model reliably supports its request for a 6.9% increase. It's the first of many new filings expected now that wildfire models have been approved for use. Not all companies will be required to write new policies under the regulations — some that already insure a significant number of homes in high-risk areas will only be asked to maintain that presence. But Farmers Insurance Group, California's second largest home insurer, has joined Mercury in writing more new policies to prepare for the reforms. Last year, Allstate Insurance, the eighth largest home insurer as of 2024, signaled it planned to begin writing new policies for the first time since late 2022 once it could begin raising rates under the reforms. It has not set a date for this to happen, however. Officials hope private insurers writing more policies will reverse the rapid growth of the California FAIR Plan, the state's insurer of last resort. 'Our goal is for consumers to have more options to find coverage on their own terms instead of FAIR Plan policies that cover less and cost more,' Deputy Insurance Commissioner Michael Soller said in a statement Friday. 'That will continue to be our top priority.'
Los Angeles Times
2 hours ago
- Los Angeles Times
Mogharebi Group Arranges $21-Million Sale of Covina Apartments
The Mogharebi Group, a Costa Mesa-based real estate services firm, advised RPK Development on the sale of Pacific Trails, an 84-unit apartment community in Covina, to a Los Angeles-based private investment firm for $21 million. RPK had owned the property since 2018 and sold it to diversify its holdings beyond California. Pacific Trails was built in 1977 and features a mix of one- and two-bedroom units housed in nine, two-story residential buildings on a 3.2-acre site. Amenities include vinyl plank flooring, upgraded cabinet fronts and modern kitchens, along with a pool, spa and fire pits. 'With more than two million residents and a rising share of cost-stressed households, the San Gabriel Valley continues to face urgent housing challenges,' said Mike Marcu, senior vice president at the Mogharebi Group. Information for this article was sourced from The Mogharebi Group.
