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

Op-Ed: Ternium CEO Máximo Vedoya wants a fair future forged in steel
After recently receiving an industry honor on behalf of Ternium, I had the opportunity to reflect and share my vision on the state and future of our industry.

Nippon eyeing new $4B U.S. Steel mill to sweeten deal: Report
Nippon Steel could build a new domestic U.S. Steel mill with a total investment of $4 billion.

Nucor cuts CSP by $20/ton, third straight drop
Nucor has lowered its consumer spot price by $20 per short ton, marking the third consecutive weekly decrease.

Nucor reports IT systems breach
Nucor said it temporarily and proactively halted some production operations at various locations.

Cliffs talks DOE funding, blast furnace relining schedule
The future of two projects supported in part by funding through the Department of Energy remains uncertain.