US-based steelmaker United States Steel Corporation (US Steel) has shared some developments regarding its operations. Accordingly, blast furnace No. 1 at its Slovakia-based subsidiary US Steel Košice will remain idled following a planned 30-day outage as demand continues to be tepid.
In addition, US Steel’s tubular segment continues to face pressure from a weak pricing environment, while it is steadily advancing the ramp-up and delivery of products from its non-grain oriented electrical steel line. The company recalled that it is also approaching the planned start-up of its Big River 2 project in the fourth quarter of 2024.
Meanwhile, the company also announced guidance for the third quarter of 2024, stating that it expects third quarter earnings to be in the range of $0.44 to $0.48 per diluted share. US Steel had reported net earnings of $0.72 per diluted share in the second quarter.