U.S. Steel to idle three blast furnaces amid weakening demand
2019-06-20 15:50:47 [Print]
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The announcement came as U.S . Steel reported that earnings in the second quarter would be lower than Wall Street analysts estimated . The company forecast second-quarter adjusted earnings before interest, tax, depreciation and amortization to be about $250 million, lower than the first quarter and below the average analysts' expectation of $291 million.
In addition to lower prices, the company said second-quarter shipments fell lower than expected due to flooding in the southern United States, limiting the availability of barges to ship to customers in recent weeks.
. S . Steel Corp . plans to idle blast furnaces in Michigan and Indiana and a third in Europe, as the Pittsburgh steelmaker faces lower steel prices and softening demand from the manufacturing sector.
The announcement came as U.S . Steel reported that earnings in the second quarter would be lower than Wall Street analysts estimated . The company forecast second-quarter adjusted earnings before interest, tax, depreciation and amortization to be about $250 million, lower than the first quarter and below the average analysts' expectation of $291 million.
In addition to lower prices, the company said second-quarter shipments fell lower than expected due to flooding in the southern United States, limiting the availability of barges to ship to customers in recent weeks.