This morning in metals news, U.S. Steel unveiled its guidance for the first quarter, Glencore issued its response to the COVID-19 crisis, and gold prices are rising in relative value compared with copper and silver.
U.S. Steel releases Q1 guidance
U.S. Steel released Q1 guidance Friday, reporting an expected Q1 EBITDA of $31 million and diluted loss per share of $0.80.
“Through the quarter, our Flat-rolled operations have performed well, and we are recognizing the operational and financial benefits of the investments in our assets that we have made over the past several years. Strong performance on reliability, quality, and productivity, combined with a continued focus on driving sustainable cost improvements across the footprint, have contributed to a better than expected first quarter to date,” President and CEO David B. Burritt said. “The Tubular market continues to be challenging and conditions in Europe remain volatile. We are focused on preserving cash and liquidity in the current market environment.”
Glencore: ‘No material disruptions’ at operating assets, in supply chain
Mining giant Glencore, in a release outlining measures it is taking against COVID-19, said it has not had any “material disruptions” at operating assets or within its supply chain to date.
“We continue to closely monitor and respond to events surrounding the COVID-19 pandemic,” CEO Ivan Glasenberg said. “Our first priority is the health and wellbeing of all of our people and the broader community.
“We have formulated our response in partnership with our expert medical advisors, taking into account advice from governments across the countries where we operate, and global bodies such as the World Health Organisation.
“Through our business continuity planning, we aim to minimise disruption so we can continue to source and deliver the products that our customers need.”
Gold’s value rises relative to copper
After passing the $1,700/ounce mark earlier this month, the price of gold has quickly fallen below $1,500/ounce as investors have looked to cash in amid heavy losses elsewhere.
Nonetheless, gold is still at its best value relative to copper in more than a decade and its best value ever relative to silver, Reuters reported.