NewsArticles
Minimize


Aug. 7, 2014

U.S Steel Reports 2Q Loss
 
United States Steel Corp., Pittsburgh, reported a net loss of $18 million in the second quarter, an improvement from the $78 million lost in second-quarter 2013, but a fallback from the $52 million earned in the previous quarter. Net sales for the second quarter totaled about $4.4 billion, a small decrease from the first quarter and the same quarter last year. Net sales for the first six months totaled $8.85 billion, down from $9.02 billion in first-half 2013.

U.S. Steel shipped a total of 5.03 million tons of steel in the quarter, down from 5.12 million tons in the first quarter and 5.25 million tons in second-quarter 2013. For the year to date, its global steel shipments totaled 10.15 million tons, down from 10.74 million in the first half last year.

The company attributed declines in its Flat-rolled business to the effects of the extraordinary weather conditions and operational issues that began in the first quarter, which resulted in higher operating costs and lower shipments in the second quarter.

"The Carnegie Way journey continues to drive improvements as we reported operating income for each of our reportable segments and Other Businesses despite significant operating inefficiencies and logistical issues in our Flat-rolled segment," said U.S. Steel President and CEO Mario Longhi. "The extreme weather conditions at the start of the year impacted numerous industry statistics such as steel production, service center shipment volumes, and construction starts. Just getting materials moved around the country proved to be an extraordinary task, which likely dampened expectations as to the underlying strength of the economy."

Looking ahead to the third quarter, the company expects its Flat-rolled segment to improve significantly as operations return to normal and shipments increase. Realized prices are expected to remain consistent with the second quarter. Inventory levels are expected to increase during the balance of the year as the company works to replenish its supply chain.

U.S. Steel also expects its Tubular results to improve slightly from the second quarter. Shipments are expected to decrease due to the indefinite idling of the McKeesport and Bellville facilities, but average realized prices are projected to increase due to improved pricing and mix. The ITC ruling on the OCTG trade case expected in mid-August will not be in time to benefit the third-quarter results.

From the Editor's Desk
Minimize
August 2014: Son Honors Father with Touching, Fiery Sendoff
More...
 
Pause
Business Practices and Technologies
Minimize
August 2014: Good Riddance to Winter
More...
The Cutting Edge, a service center technology supplement to Metal Center News
More...
Summer 2013
More...
 
Pause
New Products
Minimize
Trumpf Expands Range on TruMark 5000 Series
More...
Koike Aronson Debuts New Plasma Cutter
More...
Miyachi Unitek's Sigma XY
More...
New TMC is Messer's Largest Cutting Machine
More...
Laserdyne 795 XLZ Designed for 3D Parts
More...
Mazak's STX Champion Cuts Thick Sheets
More...
 
Pause
Directories
Minimize

 
Metal Distribution 2014  is your on-line guide to Metal Producers, Equipment Manufacturers and Software companies.
 



 
2014 Directory of Master Distributors
Not Published on This Web site
The Metal Center News Directory of Master Distributors—distributors who sell to other distributors—is an invaluable tool for service centers seeking new sources for special or hard-to-find products. Master distributors play an important role in the marketplace, giving service centers an alternative to buying in mill quantities and helping to remove redundant and excess inventories from the distribution channel.


Print copies are available for $85 U.S. for each copy.
Download Order Form.
 
2014 Directory of Toll Processors
Not Published on This Web site
Metal Center News'
annual toll processing directory is a simple-to-use resource to help companies locate service providers that can meet their specific processing needs.


Print copies are available for $85 U.S. for each copy. Download Order Form.
Privacy Statement  |  Terms Of Use
Copyright by Metal Center News



Tuesday, September 23, 2014