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US steelmakers set cautious growth expectations for 2024

During their Q1 2024 earnings calls, major US steelmakers such as Cleveland-Cliffs, Steel Dynamics, Nucor, and US Steel (currently under acquisition by Nippon Steel of Japan) presented tempered growth expectations for the year. Reflecting on the stellar performance from 2021 to 2023, the companies advised investors to moderate their future expectations.

US steelmakers set cautious growth expectations for 2024

Despite a general rebound in shipments from a low in Q4 2023, year-on-year figures showed a decline. However, improvements were noted in March, and the companies anticipate a slight uptick in Q2 shipments driven by stronger demand from end-users and seasonal buying patterns.

The automotive sector, a significant consumer of steel, has shown recovery, with April sales reporting an annualized rate of 15.7 million light vehicles, slightly up from March but consistent with April last year. Cleveland-Cliffs highlighted its automotive segment's strong performance, particularly noting Toyota as its largest customer.

Yet, there remains caution about the near-term steel demand, especially from the automotive sector where recent increases were primarily in smaller, more affordable vehicle segments.

Steel mills are preparing for lower average selling prices, reflecting cautious optimism amidst economic uncertainties.

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