Steel News

Flat-Rolled Demand Is Beginning to Improve, U. S. Steel Says

6/17/2020 - United States Steel Corporation expects to report a second-quarter loss, but said it believes the quarter will mark the bottom of this year’s COVID-19 downturn.  

“While the second quarter has been challenging, our optimism continues to grow as OEM restarts are progressing well and customer demand has started to return,” U. S. Steel president and chief executive David B. Burritt said in the company’s second-quarter earnings forecast. 

“Protecting lives and livelihoods remains our top priority and by keeping our employees and communities safe and the business resilient, we can continue to meet our customers’ needs as we emerge from unprecedented market conditions.”

The company said it is continuing to take steps to improve its cash usage through the end of the year, and its investment in Big River Steel remains the top priority. It also said it is continuing to plan for the start of its electric arc furnace in Alabama this year. 

“We are confident that we are positioned to emerge from this crisis having made meaningful progress in the execution of our ‘best of both’ strategy,” Burritt said.