Steel Mills

USS Posts Modest Q2 Earns Dip on 'Softer' Auto, Appliance Demand
Written by Michael Cowden
July 28, 2022
US Steel recorded modestly lower profits in the second quarter of 2022 compared to the same quarter last year.
But the Pittsburgh-based steelmaker remains optimistic about its long-term prospects thanks to the diverse end markets it serves.
“We are bullish on US Steel’s future and confident in our ability to execute,” company president and CEO David Burritt said. “While some consumer-oriented markets like automotive and appliance are softer, line pipe and energy demand is accelerating.”
Burritt made the comments in a press release announcing the company’s second quarter earnings results on Thursday, July 28.
All told, US Steel recorded a profit of $978 million in the second quarter of 2022, down 3.4% from $1.01 billion in the same quarter last year. The dip in profits came despite sales increasing 25.2% to $6.29 billion over the same comparison.
Total steel shipments also slipped. They were 4.18 million tons for the second quarter of this year, down 0.7% from 4.21 million tons in the year-ago quarter
The slight decline in shipments was largely the result of US Steel’s operations in Kosice, Slovakia. It’s US flat-rolled and tubular operations posted increased or roughly flat shipments.
Burritt acknowledged that European markets were struggling: “Our Slovakian operations are navigating challenging conditions and continuing to implement resiliency plans and cost mitigation actions in the event of continued economic slowdown in the region,” he said.
By Michael Cowden, Michael@SteelMarketUpdate.com

Michael Cowden
Read more from Michael CowdenLatest in Steel Mills

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.

AISI: Raw steel production ticks back down
US raw steel output declined last week after increasing the week prior, according to the latest data from the American Iron and Steel Institute (AISI). Output has see-sawed from week to week since mid-August. Still, it has remained historically strong over the past four months and has held near multi-year highs since June. Domestic mills […]