Steel Mills

U.S. Steel: Q3 Earnings Resetting Record Books
Written by David Schollaert
September 16, 2021
U.S. Steel expects its third-quarter earnings to be one for the record books, exceeding even the record-breaking results of the prior quarter.
The news comes as both Nucor and Steel Dynamics Inc. (SDI), two of the Pittsburgh-based steelmaker’s domestic competitors, also predicted record-setting third-quarter earnings this week.
U.S. Steel forecasts third-quarter earnings of roughly $2 billion, exceeding the historic $1.3 billion second-quarter total.
David Burritt, U.S. Steel’s president and CEO, said the company’s “best days are ahead,” adding that he expects “the third quarter to be a quarter of records for U.S. Steel.”
The anticipated results are thanks to sustained demand and rising steel selling prices, the company said. The flat-rolled, minimill and European segments are all projected to set new record earnings for the third quarter.
U.S. Steels remains “bullish that market fundamentals will support a stronger for longer steel market.” And that has positioned U.S. Steel to accelerate the pace of its deleveraging, Burritt said.
Aside from the debt incurred by the acquisition of Big River Steel, the company has reduced its debt by approximate $2.7 billion, aiming to reduce it by another $1 billion by mid-2022.
By David Schollaert, David@SteelMarketUpdate.com

David Schollaert
Read more from David SchollaertLatest 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.