Steel News

U. S. Steel Foresees Better 2018 Earnings

3/13/2018 - United States Steel Corporation has increased its 2018 earnings forecast by 13%, reflecting the restart of an idled blast furnace and the imposition of a 25% tariff on steel imports.

In a statement Monday, the integrated steelmaker said it is now projecting US$1.7 billion in earnings before interest, taxes, depreciation and amortization, up from around US$1.5 billion.

The revision takes into account shipments from its soon-to-be restarted Granite City Works in Illinois. U. S. Steel announced last week that it would relight one of the facility’s two blast furnaces and resume steelmaking at the facility. It expects to ship 100,000 tons per month. 

“The company expects the benefits from (the restart and the Section 232 tariffs) will be primarily reflected in our results in the second half of the year, as recent price changes become more fully realized for spot and contract volumes, and shipments increase from Granite City Works," the company said.