Second quarter net loss of United States Steel Corporation is up to $ 78 million, while the net profit $ 101 million last year. It is expected that the situation will not improve in the third quarter.
The company flat steel segment loss was $ 51 million in the second quarter, compared with a profit $ 177 million. Europe Segment operating profit $ 10 million, compared to $ 34 million, pipe segment operating profit $ 45 million, compared to $ 64 million.
Despite the expected three quarters of flat steel and pipe segments will have better performance, but considering its Kosice, Slovakia blast furnace steel mills shut dow. The European business unit's operating profit will be reduced, and other services has only maintained a balanced budget.
Flat steel sector will benefit from the rise in average steel prices, lower raw material costs and maintenance costs. But the blast furnace steel mills shut down and the Canadian Great Lakes Lake Erie Steel persistent labor disputes. These will finally result in steel shipments in the second quarter 3.73 million tons significantly reduced. European average steel prices will fall further, despite the high value-added steel shipments' increasing trend. The benefits will be spot and contract prices offset the decline.
U.S. Steel flat products Q2 shipments fell to 3.99 million from 3.73 million tons in the same period last year , with an average selling price from $ 772 / ton down to 725 U.S. dollars / ton, of which the European segment shipments increased from 955,000 tons 1.06 million tons, with an average selling price from $ 767 / ton dropped to 702 U.S. dollars / ton, pipe segment shipments fell to 456,000 tons from 493,000, the average selling price from $ 1,706 / ton dropped to $ 1,510 / ton.
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