9,612.84 TRY BIST 100 BIST 100
5.24 CNY CNY CNY
40.78 EUR EUR EUR
37.83 USD USD USD
0.13 CNY CNY/EUR CNY/EUR
45.53 TRY Interest Interest
73.74 USD Fossil Oil Fossil Oil
34.28 USD Silver Silver
5.09 USD Copper Copper
103.77 USD Iron Ore Iron Ore
356.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,761.14 TRY Gold (gr) Gold (gr)

Despite US Steel's mixed first-quarter results, CEO optimistic about the future

In its financial results for the first quarter of 2024, US Steel reported a decrease in net earnings from the previous year but saw an increase in adjusted net earnings. The company's earnings dropped to $171 million, down from $199 million in the same period last year, while adjusted net earnings improved to $206 million, up from $195 million.

Despite US Steel's mixed first-quarter results, CEO optimistic about the future

David B. Burritt, President and CEO of US Steel, characterized the quarter as strong despite the challenges. He noted that the company's adjusted EBITDA of $414 million reflects the benefits of a diverse order book and efficient operations. This was achieved despite some negative inventory impacts in the North American Flat-Rolled segment. Burritt remains optimistic about the coming quarter, although he anticipates challenges in the Mini Mill segment and ongoing pressures in US Steel Europe.

Strategically, Burritt highlighted significant advancements, including the nearing completion of capital projects anticipated to enhance earnings. Notable among these is the newly commissioned dual Galvalume/galvanized coating line at Big River Steel, which is expected to improve the product mix to meet customer demands. Moreover, progress is steady on Big River 2, the upcoming mini mill in Osceola, Arkansas, slated for startup in late 2024.

The company’s planned merger with Nippon Steel Corporation has also moved forward, receiving nearly unanimous shareholder approval. Completion of the merger is expected in the second half of 2024, pending regulatory approvals. Furthermore, Nippon Steel has committed to an additional $1.4 billion in capital expenditures to enhance the facilities covered under the current labor agreement.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Kuwait Gains Access to Global Debt Markets After Law Amendment

Friday, March 28, 2025

China's international trade volume increased by 14% in February

Friday, March 28, 2025

Global market challenges are increasing for German companies

Friday, March 28, 2025

Russia increases iron and steel exports to South Korea

Friday, March 28, 2025

Discussions on scrap trade in Europe are deepening

Tuesday, March 25, 2025
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now