U.S. Steel to idle three blast furnaces amid weakening demand
2019-06-20 15:50:47 [Print]
U.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.
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.
