Steel Mills
U.S. Steel: Q3 Earnings Resetting Record Books
Written by David Schollaert
September 16, 2021
U.S. Steel expects its third-quarter earnings to be one for the record books, exceeding even the record-breaking results of the prior quarter.
The news comes as both Nucor and Steel Dynamics Inc. (SDI), two of the Pittsburgh-based steelmaker’s domestic competitors, also predicted record-setting third-quarter earnings this week.
U.S. Steel forecasts third-quarter earnings of roughly $2 billion, exceeding the historic $1.3 billion second-quarter total.
David Burritt, U.S. Steel’s president and CEO, said the company’s “best days are ahead,” adding that he expects “the third quarter to be a quarter of records for U.S. Steel.”
The anticipated results are thanks to sustained demand and rising steel selling prices, the company said. The flat-rolled, minimill and European segments are all projected to set new record earnings for the third quarter.
U.S. Steels remains “bullish that market fundamentals will support a stronger for longer steel market.” And that has positioned U.S. Steel to accelerate the pace of its deleveraging, Burritt said.
Aside from the debt incurred by the acquisition of Big River Steel, the company has reduced its debt by approximate $2.7 billion, aiming to reduce it by another $1 billion by mid-2022.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
Read more from David SchollaertLatest in Steel Mills
USS confirms split CFIUS decision on Nippon deal; it’s now up to Biden
Nippon Steel's purchase of U.S. Steel could lead to lower steel output domestically, and that presents “a national security risk," the Washington Post reported.
USS/Nippon deal: Who will have the happiest holidays?
Will Santa bring gifts for the leadership, employees, and shareholders of U.S. Steel and Nippon Steel, and lumps of coal for USW leadership and politicians opposed to the deal?
‘Orderly liquidation’ of AHMSA assets begins
A trustee has formally taken over AHMSA and begun the liquidation process of the bankrupt Mexican steelmaker.
Nippon buying stake in Canadian iron ore project
Nippon Steel and a Japanese trading company have entered an agreement to buy a 49% interest in a Champion Iron ore project in Canada.
USS anticipates Q4 loss on weak demand, BR2 start-up
Amid a challenging pricing and demand environment, and with the ongoing ramp-up of the Big River 2 mill, USS is anticipating a loss for the fourth quarter.