This morning in metals news, Japan’s steelmakers are on a hot run (despite the bad press of the Kobe Steel quality data falsification scandal), U.S. Steel reported fourth-quarter 2017 net earnings of $159 million and Glencore said production in 2017 was down for most commodities.
Japanese Steelmakers Boast Surge in Profits
Despite the dark cloud hovering over Kobe Steel on the heels of its data falsification scandal, it’s been a strong nine months for Japan’s steelmakers.
According to Reuters, steelmakers in the country reported a jump in nine-month earnings, led by Nippon Steel & Sumitomo Metal Corp.
U.S. Steel Reports 4Q Earnings
U.S. Steel reported full-year 2017 net earnings of $387 million, or $2.19 per diluted share, during its quarterly earnings call Thursday morning.
Adjusted net earnings were $341 million, or $1.94 per diluted share, compared to a full-year 2016 net loss of $440 million, or $2.81 per diluted share. Adjusted net loss for 2016 was $250 million, or $1.60 per diluted share.
Fourth-quarter 2017 net earnings were $159 million, or $0.90 per diluted share. Adjusted net earnings for the fourth quarter 2017 were $136 million, or $0.76 per diluted share, compared to a fourth quarter 2016 net loss of $105 million, or $0.61 per diluted share. Fourth quarter 2016 adjusted net earnings were $47 million, or $0.27 per diluted share.
Glencore Says 2017 Production of Most Commodities Dropped
According to miner Glencore, 2017 was a down year for production of most commodities, per a MarketWatch report.
Copper production for the 2017 calendar year fell 8%, Glencore said, although fourth-quarter production was up 20% from the previous quarter.