Friday, April 29, 2016

U.S. Steel accuses China of hacking plans to develop new steel technology


U.S. Steel accuses China of hacking plans 

to develop new steel technology


U.S. Steel (NYSE:X) accuses Chinese government hackers of stealing proprietary methods for making lightweight steel in a bid to boost Chinese steel producers seeking to supply a bigger share of the U.S. auto-making market.
In a complaint filed on Tuesday with the International Trade Commission, the company said a computer belonging to a Pittsburgh researcher was hacked in 2011, and that plans for developing new steel technology were stolen.
Developing advanced high strength steel is a major priority for U.S. Steel, which has spent millions of dollars conducting research into new steels; with demand sagging for other steel products such as construction materials and oil and gas pipes, contracts from automakers are more critical than ever.