US Steel Joins the Crowd of Steelmakers Beating Q2 Estimates

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US Steel reported second-quarter results that beat Wall Street estimates this week, sending shares of the Pittsburgh steelmaker higher.

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President and CEO Mario Longhi told the Pittsburgh Post-Gazette that operating profits for the current quarter should increase significantly.

The company reported a loss of $18 million, or 12 cents per share versus a loss of $78 million, or 54 cents per share, in the year-ago quarter. Sales were flat at $4.4 billion.

Adjusted net income for the second quarter of 2014 was $25 million, or $0.17 per diluted share, excluding a charge of $46 million, or $0.31 per diluted share.

On Wednesday, July 30, the steel billet cash price experienced the biggest change, rising 2.4 percent on the LME to $420.00 per metric ton. The steel billet 3-month price saw little movement on the LME at $425.00 per metric ton.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.91) and a low price of CNY 830.00 ($134.30) per dry metric ton. The price of Chinese HRC was unchanged at CNY 3,380 ($546.89) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($224.91) per metric ton.

The 3-month price of the US HRC futures contract saw little change in its price yesterday at $641.00 per short ton. The spot price of the US HRC futures contract continues hovering around $670.00 per short ton for the fifth day in a row.

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