Earnings before interest, taxes, depreciation, and amortization, or EBITDA, for the third quarter are anticipated to total USD 825 million by U.S. Steel.
Due to unfavorable market conditions, U.S. Steel will also temporarily shut down a blast furnace and a tin line at its Gary Works steel facility outside of Chicago.
According to U.S. Steel, the tin line #5 has a production capacity of 140,000 net tons per year and the idled #8 blast furnace has a production capacity of 1.5 million tons of crude steel equivalent per year. Both actions, according to the steel producer in Pittsburgh, were motivated by the state of the market and the volume of imported commodities.
The Mon Valley Works' blast furnace #3 has started a 30-day scheduled shutdown that was pushed from October to September, according to U.S. Steel.
On September 3, a second blast furnace at U.S. Steel Kosice in Europe started an earlier-than-expected 60-day maintenance downtime.
U.S. Steel declared that it will maintain strict control over operations as necessary. Earnings for flat-rolled steel decreased from the second quarter due to supply chain problems in the automobile and appliance industries.
But according to U.S. Steel, the third quarter will see even more growth in tubular steel, a bright light in the second quarter.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.