Steel Mills
USS Posts Modest Q2 Earns Dip on 'Softer' Auto, Appliance Demand
Written by Michael Cowden
July 28, 2022
US Steel recorded modestly lower profits in the second quarter of 2022 compared to the same quarter last year.
But the Pittsburgh-based steelmaker remains optimistic about its long-term prospects thanks to the diverse end markets it serves.
“We are bullish on US Steel’s future and confident in our ability to execute,” company president and CEO David Burritt said. “While some consumer-oriented markets like automotive and appliance are softer, line pipe and energy demand is accelerating.”
Burritt made the comments in a press release announcing the company’s second quarter earnings results on Thursday, July 28.
All told, US Steel recorded a profit of $978 million in the second quarter of 2022, down 3.4% from $1.01 billion in the same quarter last year. The dip in profits came despite sales increasing 25.2% to $6.29 billion over the same comparison.
Total steel shipments also slipped. They were 4.18 million tons for the second quarter of this year, down 0.7% from 4.21 million tons in the year-ago quarter
The slight decline in shipments was largely the result of US Steel’s operations in Kosice, Slovakia. It’s US flat-rolled and tubular operations posted increased or roughly flat shipments.
Burritt acknowledged that European markets were struggling: “Our Slovakian operations are navigating challenging conditions and continuing to implement resiliency plans and cost mitigation actions in the event of continued economic slowdown in the region,” he said.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
Read more from Michael CowdenLatest in Steel Mills
SDI presses on with steel, aluminum investments
Steel Dynamics Inc. remains optimistic about its prospects as it ramps up flat-rolled steel operations and prepares for the production of aluminum products next year. Executives from the Fort Wayne, Ind.-based steelmaker provided an update on the company’s operations on a conference call on Thursday held to discuss SDI’s third-quarter earnings results.
CMC earnings slide, but still near top mark
CMC Fourth quarter ended Aug. 31 2024 2023 Change Net sales $1,996.1 $2,209.2 -9.6% Net income (loss) $103.9 $184.2 -43.6% Per diluted share $0.90 $1.56 -42.3% Full year ended Aug. 31 Net sales $7,925.9 $8,799.5 -9.9% Net income (loss) $485.5 $859.7 -43.5% Per diluted share $4.14 $7.25 -42.9% (in millions of dollars except per share) […]
SDI posts lower Q3 profit, sees better times in ’25
Steel Dynamics Inc. (SDI) reported a drop in third-quarter profits driven largely by lower flat-rolled steel prices. The Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker also saw scrap prices slip. That happened because of softer demand from domestic mills taking planned maintenance outages.
Cliffs hosts fireside chat on industry, union, government collaboration
Cleveland-Cliffs’s Chairman, President, and CEO Lourenco Goncalves hosted a fireside chat with US Trade Representative Katherine Tai and Acting Secretary of Labor Julie Su on Friday at the company’s plate mill in Coatesville, Pa.
Nippon agrees to sell Calvert stake, if USS deal closes
ArcelorMittal is set to take full ownership of AM/NS Calvert if Nippon Steel finalizes its pending acquisition of U.S. Steel.