Steel Mills
U.S. Steel Performs Better than Expected in Q1
Written by Sandy Williams
March 20, 2020
U.S. Steel’s performance in the first quarter of 2020 was better than expected with adjusted EBITDA projected at $30 million.
“Our Flat-rolled segment results are expected to be better than anticipated as strong operating performance across our footprint, continued cost improvement, and seasonally strong shipment volumes more than offset the typical seasonality of mining,” said President and CEO David Burritt.
“Additionally, the domestic flat-rolled steel market has remained healthy throughout the first quarter to date. Extended lead times are supported by robust construction end-market demand and an end to destocking that negatively impacted order rates throughout 2019.”
U.S. Steel Tubular continued to be challenged by lower low oil prices and rig counts. “We are continuing to monitor the recent change in market conditions with respect to our Tubular business and will evaluate the impact on the carrying value of the net assets of this business,” said U.S. Steel.
As announced, U.S. Steel will begin the indefinite idling of steel operations at Great Lakes Works in April as well as starting a scheduled 48-day maintenance outage at Gary Works blast furnace #4.
Commenting on the COVID-19 crisis, Burritt added, “We continue to monitor the impacts of the coronavirus and are following policies and procedures recommended by health and government officials to ensure our employees are working in a safe and healthy environment. We understand the situation remains fluid and we are preparing our operations to be flexible as circumstances may warrant.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Private equity firm Atlas Holdings to acquire Evraz North America
Atlas Holdings said it has signed a definitive agreement to acquire Evraz North America (Evraz NA). The Greenwich, Conn.-based private equity firm said it expects the deal for the Chicago-based steelmaker to close in the second quarter of 2025 subject to various closing condition.
Granite City Works must remain open and other terms of the Nippon-USS deal
SEC documents also name Trump specifically as having veto power certain decisions are part of the “Golden Share” provision.
USS shuffles some leadership roles after close of Nippon deal
USS shuffles leadership deck after deal closes with Nippon.
ArcelorMittal fires up steelmaking at Calvert mill
With the marking of the EAF’s first heat earlier this month, the mill has moved from a rerolling and finishing mill to a full steelmaking facility.
Nucor gives update on cyberattack, no ‘material impact’
Nucor gives update on cyberattack from May.