U. S. Steel Returns Idled Blast Furnace to Service
U. S. Steel said Friday it reactivated the Gary Works’ No. 8 furnace at the beginning of the month. The furnace, which has an annual capacity of 1.5 million tons, has been idle since September 2022.
“Momentum continues to build in the North American flat-rolled market,” said U. S. Steel president and chief executive David B. Burritt.
The steelmaker announced the restart in its first-quarter earnings guidance, which shows that it is expecting adjusted net earnings of between 58 cents and 63 cents per diluted share.
“Strong safety and operating performance, improving order entry, and our continued focus on winning share in strategic markets are resulting in better than expected first quarter guidance. We expect these trends to continue into the second quarter given extending lead times and the flow-through of higher selling prices,” Burritt said.
“We are increasingly more bullish for 2023 performance. Our flat-rolled segment order book reflects wide-ranging demand improvement. Our mini-mill segment’s order book is also improving and its cost structure continues to normalize, as anticipated, by absorbing higher priced metallics purchased at the onset of the Ukraine war,” Burritt added.
The restart is the second furnace U. S. Steel has returned to service in as many months. In February, the company said it had restarted the No. 3 furnace at its Mon Valley Works in Pennsylvania.