Market Segment
May 2, 2024
Written by Michael Cowden
| First quarter ended March 31 | 2024 | 2023 | % Change |
|---|---|---|---|
| Net sales | $4,160 | $4,470 | -6.9% |
| Net earnings (loss) | $171 | $199 | -14.1% |
| Per diluted share | $0.68 | $0.78 | -12.8% |
U.S. Steel posted slightly lower first-quarter earnings as stronger results from its sheet mills were partially offset by a weaker performance from its tubular division.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The proposed Hyundai-POSCO steel mill in Louisiana has been approved for up to $1.3 billion in bond financing, according to state records and local media reports.
The United Steelworkers (USW) union plans to extend its current labor contract with U.S. Steel and Cleveland-Cliffs by 48-hours on a rolling basis, the union told SMU on Monday.
Nucor said on Monday, Sept. 21, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,210 per short ton (st) this week, a $10/st increase from a week earlier.
The United Steelworkers (USW) union on Sunday said it remained far apart from U.S. Steel over the terms of a new labor contract. Meanwhile, the deadline for negotiating a new contract inches closer.