The American Steel Buildings (ASB) Group, which owns the buildings at the corner of Fifth and Main Streets in downtown Washington, D.C., is losing money.
In February 2017, the group reported a net loss of $10.3 million, compared to a loss of nearly $13.7 million a year earlier.
The group also reported a $3.9 million impairment charge in 2016, and a $2.5 million impairment in 2015.
The loss came from a number of factors including deteriorating conditions of the buildings and a decline in the value of the properties, the ASB said in its latest quarterly report.
As of the end of June, the Group reported assets of $3 billion and liabilities of $1.5 billion, according to the report.
The Group’s business is based on the construction of buildings, including office buildings, residential buildings, warehouses, retail stores and commercial buildings.
The majority of the Group’s assets are in the District, including two buildings in the U.S. Capitol complex and a second one in the National Mall.
In January 2017, a new, separate entity called the ASBC was formed to manage the ASBs portfolio, which includes the buildings.
The ASB is now overseen by its managing director, James P. Tuckett, who is also the executive vice president of the ASBO Corporation.
In an interview with The Washington Post, Tucket said the Group was not insolvent.
“The assets of the American Steel Building Group are a net asset, and the Company will be able to sustain this asset base,” he said.
“Our goal is to be a viable entity for the long term and remain a leading global provider of steel products.”
The company’s CEO, John L. McVicar, told the Post that the losses would be offset by improved profitability and lower expenses.
“This is a significant year for the American Steels Corporation,” McVickar said.
“The company is taking steps to accelerate the restructuring, and we’re going to be able get this done in a way that will allow us to continue to grow our business and grow the company, while maintaining our focus on providing quality products at competitive prices,” he added.
According to its 2016 financial report, the American steel buildings business has declined by more than $30 million, or 15 percent.
The total loss to the Group from operating losses is $2 million, a decline of 22 percent.
Last year, the Building and Construction Trades Council reported that steel-manufacturing jobs in the United States have declined by nearly 1 million since 2009, a trend that has accelerated in recent years.
For its part, the ADB said that the collapse of the business in the D.E.C. was not solely the result of the downturn in steel prices, but also the result that the economic environment has been less stable over the past five years.
“We expect that the steel-industry as a whole will continue to experience a continuing decline in economic activity over the medium term as manufacturers focus on reducing capital expenditures,” it said.
The report also said that there are no plans to add new steel-making capacity to the market as the decline of the industry is expected to continue for at least the next decade.