Steel Mills
US Steel Narrows Losses
Written by Sandy Williams
July 29, 2014
US Steel reported a net loss of $18 million in the second quarter, performing better than expected and narrowing losses. Net sales were $4.4 billion as compared to $4.448 billion in first quarter. Total steel shipments were 5.029 million tons, down from 5.124 million tons in the previous quarter.
Flat rolled shipments were 3.527 million tons as compared to 3.674 million tons in Q1. Tubular shipments were up slightly to 449,000 tons from 419,000 tons.
Extraordinary weather conditions impacting operations, higher repairs and maintenance and transportation issues contributed to the decrease in the flat rolled segment in second quarter. Higher market prices helped maintain sales for the quarter.
As of June 30, US Steel cash was $1.6 billion with $3.2 billion of total liquidity.
CEO Mario Longhi said he expects “significantly” higher results for third quarter. The Company’s earnings conference call will be be held at 8:30 am ET on Wednesday.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Cliffs, POSCO announce MoU for ‘transformative’ partnership
Cleveland-Cliffs on Thursday said it had signed a memorandum of understanding (MoU) with POSCO to forge a strategic partnership, one Cliffs bills as "transformative."
Cliffs touts steel stamping solution to replace aluminum in automotive
Cliffs said it successfully completed a defect-free trial production of exposed steel parts using aluminum-forming equipment in collaboration with an unnamed OEM,
Nucor navigates mixed flat-rolled markets with strategic muscle
Nucor entered the fourth quarter with clear forward momentum: stronger-than-expected results, solid sheet and plate demand, and construction progress on a major new mill that should add capacity next year.
Nucor scraps plans for new rebar micro mill in Pacific Northwest
Nucor has pulled the plug on a planned rebar micro mill in the Pacific Northwest.
Nucor profits jump, but company cautions on Q4 outlook
Nucor’s profits more than doubled in the third quarter year over year, but the company expects Q4’25 to be lower sequentially.