Steel Mills

U.S Steel Guides Higher for 2018 Due to Section 232
Written by Sandy Williams
March 13, 2018
U.S. Steel provided full-year 2018 earnings guidance on Monday in light of the recent Section 232 tariffs.
As a result of the imposition of a 25 percent tariff on steel imports, the company decided to resume steelmaking operations at Granite City Works with the restart of its “B” blast furnace. U.S. Steel anticipates incremental shipments of approximately 100,000 tons per month from Granite City Works once the restart process is completed. Benefits from Granite City will be reflected in the second half of 2018 as shipments increase and recent price changes become more fully realized for spot and contract volumes.
First-quarter EBITDA is expected to be approximately $250 million. Based on an assessment of market conditions resulting from Section 232 actions, U.S. Steel expects full-year EBITDA of approximately $1.7 billion, up from $1.5 billion previously.
In an analyst note, Key Banc Capital Markets said, “We believe the guidance takes into account U.S. sheet spot pricing cyclicality, including ~$750/ton HRC on average for the year, which is in line with the year-to-date spot average.”

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

Nucor names Batterbee, Bledsoe to HR roles
Nucor Corp. has promoted Thomas J. Batterbee to the position EVP of human resources and talent and appointed Elizabeth Bledsoe to the newly created position of president of human resources and talent.

Millett sees tariffs, CORE case benefiting SDI
Steel Dynamics' top exec thinks Trump’s tariff policies, as well as the results from the recent CORE case, will prove advantageous to the Fort Wayne, Ind.-based steelmaker and aluminum company.

USW digs in on opposition to USS-Nippon deal
“We remain deeply concerned about the national and economic security implications of the subject transaction,” the union stated in the letter dated April 21.

SDI’s Q1 earnings slump on-year, but up sequentially
SDI earnings slip in first quarter year over year, but are up sequentially.

POSCO inks MoU with Hyundai on Louisiana EAF mill
POSCO has signed a Memorandum of Understanding (MoU) with Hyundai Motor Group that includes an equity investment in Hyundai’s previously announced EAF mill set to be built in Louisiana.