Steel Markets
JSW USA Results Mixed in Q3
January 24, 2023
JSW Steel USA operating results were mixed in its fiscal third quarter of 2023, with operations at Mingo Junction, Ohio, posting a decline, while the Baytown, Texas, plate and pipe mill improved in the quarter vs. the previous year.
Mingo Junction swung to a loss on EBITDA of $22.77 million in its third quarter ended Dec. 31, compared to EBITDA of $42.12 million a year earlier on revenue that slipped 68% to $65.58 million vs. $203.53 million, according to results from Indian parent company JSW Steel Ltd.
The plate and pipe mill at Baytown reported operating EBITDA of $17.17 million in the quarter, up 28% from $13.38 million in the year-ago period, on revenue from operations that also increased 28% to $147.55 million from $114.35 million.
Mingo Junction produced 91,962 net tonnes of crude steel in the quarter, down sharply from 180,112 net tonnes a year earlier. Slab sales decreased 40% in the quarter to $44.8 million vs. Q3 2022, and sales of HRC declined 53% to $43.9 million in the same comparison.
Baytown’s plate and pipe production increased in the quarter, with the company reporting 80,753 net tonnes and 8,489 net tonnes, respectively, produced in Q3, compared to 76,621 net tonnes and 1,261 net tonnes, respectively, a year earlier.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Markets
Hot-rolled coil buyers continue seeking certainty
Steel market participants contend that buyers will remain in “wait-and-see" mode until some market stability is restored.
Latin American steel advocates warn on cheap import flood
Subsidized Chinese steel imports and cheap steel products from Association of Southeast Asian Nations (ASEAN) entering Latin American (LATAM) are threatening the region's steel market.
CRU: Steel prices fall amid global demand weakness
The forceful headwinds bearing down on steel markets across the globe have created demand challenges and sent prices southward. The US, however, challenged the global trend.
Hot-rolled price hikes garner mixed reactions from the market
Several steel market sources say they were blindsided when mills increased spot prices for hot-rolled coils this week.
Steel market participants mull the impact of US/Mexico S232 negotiations
Steel market participants learned that negotiations between the US and Mexico include discussions about Section 232 tariffs on steel and aluminum despite President Trump’s June 3 proclamation increasing the tariffs from 25% to 50% for all steel and aluminum imports—except for those from the UK.