US Steel today reported third quarter results that easily beat analysts estimates, citing benefits from better efficiency and more stable industry conditions.
The Pittsburgh-based steelmaker reported a third quarter 2014 net loss of $207 million, or $1.42 per diluted share, compared to a third quarter 2013 net loss of $1,791 million, or $12.38 per diluted share, and a second quarter 2014 net loss of $18 million, or $0.12 per diluted share. Adjusted net income for the third quarter of 2014 was $325 million, or $2.16 per diluted share. This excludes non-cash charges for strategic actions of $577 million, or $3.88 per diluted share, as well as a $45 million, or $0.30 per diluted share, gain on the sale of real estate assets.
The price of hot-rolled coil (HRC) steel, a benchmark product used in cars and appliances, rose 3.9% to average $671 in the third quarter compared with a year earlier.
The price of Chinese HRC fell 1.7% on Tuesday, October 28 to CNY 2,980 ($485.20) per metric ton, making it the day’s biggest mover. The price of Chinese coking coal saw little movement at CNY 1,390 ($226.32) per metric ton. The price of Chinese slab continues hovering around CNY 3,480 ($566.61) per metric ton for the fifth day in a row. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton.
For the fifth day in a row, the cash price of steel billet remained essentially flat on the LME at $465.00 per metric ton. The steel billet 3-month price saw essentially no change on the LME for the fifth day in a row, remaining around $455.00 per metric ton.
Following a two-day rise, the US HRC futures contract 3-month price flattened at $635.00. The US HRC futures contract spot price was unchanged at $642.00 per short ton.