Steel Mills
U.S. Steel Performs Better than Expected in Q1
Written by Sandy Williams
March 20, 2020
U.S. Steel’s performance in the first quarter of 2020 was better than expected with adjusted EBITDA projected at $30 million.
“Our Flat-rolled segment results are expected to be better than anticipated as strong operating performance across our footprint, continued cost improvement, and seasonally strong shipment volumes more than offset the typical seasonality of mining,” said President and CEO David Burritt.
“Additionally, the domestic flat-rolled steel market has remained healthy throughout the first quarter to date. Extended lead times are supported by robust construction end-market demand and an end to destocking that negatively impacted order rates throughout 2019.”
U.S. Steel Tubular continued to be challenged by lower low oil prices and rig counts. “We are continuing to monitor the recent change in market conditions with respect to our Tubular business and will evaluate the impact on the carrying value of the net assets of this business,” said U.S. Steel.
As announced, U.S. Steel will begin the indefinite idling of steel operations at Great Lakes Works in April as well as starting a scheduled 48-day maintenance outage at Gary Works blast furnace #4.
Commenting on the COVID-19 crisis, Burritt added, “We continue to monitor the impacts of the coronavirus and are following policies and procedures recommended by health and government officials to ensure our employees are working in a safe and healthy environment. We understand the situation remains fluid and we are preparing our operations to be flexible as circumstances may warrant.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
U.S. Steel sues Algoma over iron pellet shipments
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.
August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.
TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.
Metallus, USW agree to tentative four-year labor deal
Metallus and the United Steelworkers (USW) have agreed to a tentative four-year labor contract.
ArcelorMittal Dofasco resumes cokemaking after emergency maintenance
The Canadian steelmaker reported on Sept. 30 that “urgent maintenance” was needed in its coke plant off-gas systems. The work required coke oven gas from the No. 2 coke plant to be flared for most of that week.