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

Nippon could up investment in USS facilities to $7B: Report
It's the latest twist as the proxy battle heats up for Pittsburgh-based U.S. Steel.

Hybar expansion still on the table as Arkansas mill startup nears
As Hybar nears the completion of its $700-million rebar mill in Arkansas, the company said it is still “actively considering” building other steel facilities in the southern US.

Global steel production edges lower in February
February’s global raw steel output is tied with last December's for the fourth-lowest monthly production rate recorded over the past two years.

Fate of U.S. Steel hangs in the balance
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.

Cliffs to idle Dearborn blast furnace, restart Cleveland furnace by July
Cleveland-Cliffs has decided to idle the steelmaking operations at its Dearborn Works in Michigan due to weak automotive demand.