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
Nippon plans to double steel output at USS operations: Report
Now that it has acquired U.S. Steel, Nippon Steel is planning a significant expansion of its US operations, including the construction of a new mill and more than doubling its steel output.
Algoma fires up EAF steelmaking with first arc
Algoma Steel reached a milestone in its transformation from blast furnace to electric arc furnace (EAF) steelmaking, with its Unit One EAF achieving its first steel production this week.
Nucor holds HR list price at $910/ton
Nucor is keeping its list price for spot hot-rolled coil unchanged after last week’s shortened holiday week.
Cliffs unveils new hydrogen-powered stainless line in Ohio
CEO Lourenco Goncalves, flanked by state leaders and union reps, touted the project as proof that US manufacturing is not only alive, but also advancing.
Cliffs idles Steelton, Riverdale, and Conshohocken operations
Cliffs has idled facilities in Riverdale, Ill., and Conshohocken and Steelton, Pa.