US Steel Corp. on Tuesday reported its first quarterly net profit in 18 months, thanks to cuts in costs and higher prices. The 113-year-old company notched a first-quarter profit of $52 million, or 34 cents a share, compared with a loss of $73 million, or 51 cents a share, a year earlier. US Steel officials said the company was on track to save $150 million this year, via “process and logistical improvements” including the shuttering of a plant in Hamilton, Ont.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.21) and a low price of CNY 830.00 ($132.61) per dry metric ton. The price of Chinese HRC remained steady at CNY 3,360 ($536.82) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($222.08) per metric ton.
The steel billet cash price saw little movement on the LME at $390.00 per metric ton. The steel billet 3-month price was unchanged on the LME at $400.00 per metric ton.
The 3-month price of the US HRC futures contract rose 1.4 percent to $645.00 per short ton. The spot price of the US HRC futures contract increased 0.6 percent to $664.00 per short ton.