USS Posts Sharply Lower Q3 Results on ‘Higher Than Normal’ Costs

US Steel Corp. recorded sharply lower profits in the third quarter of 2022 both sequentially and versus the same quarter last year, driven by lower steel prices and higher input costs.

Despite the lower earnings, the Pittsburgh-based steelmaker remains on pace for its second-best financial year in the company’s history thanks to stronger margins in the first half of the year.

U.S. Steel

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

Latest in Market Segment

Steel trade groups urge President Trump to keep S232 tariffs intact

Commerce raises AD duties on Korean OCTG

ArcelorMittal steel plant in Ukraine unable to restart due to war

Commerce ups duties on Turkish pipe

Global raw steel output slows further in August