This Morning in Metals: U.S. Steel’s Q3 guidance features $100M loss

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This morning in metals news: U.S. Steel’s Q3 guidance included a $100 million loss despite improving conditions; the United States International Trade Commission (USITC) made a sunset review determination related to kitchen appliance shelving and racks; and a subsidiary of Norsk Hydro entered into a contract with Spanish aluminum company Alu Iberica.

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U.S. Steel’s Q3 guidance

U.S. Steel said it expects a loss of approximately $100 million in Q3.

“Improving market conditions experienced in June and July have accelerated through August and September,” U.S. Steel President and CEO David B. Burritt said. “Strengthening steel fundamentals and our ability to respond quickly to increasing customer demand are expected to result in significantly improved adjusted EBITDA in the third quarter. We have grown confident in the recovery that is underway in North America and Europe. While we believe this recovery is enduring, we remain relentlessly focused on what we can control, including management actions to stay nimble, reduce costs, and preserve cash.”

In addition, U.S. Steel expects a Q3 diluted loss per share of $1.45.

USITC makes determination on kitchen appliance shelving, racks

The USITC recently conducted a five-year sunset review related to existing countervailing duty and antidumping orders on kitchen appliance shelving and racks from China.

“The U.S. International Trade Commission (USITC) today determined that revoking the existing antidumping and countervailing duty orders on imports of kitchen appliance shelving and racks from China would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time,” the USITC ruled.

Hydro subsidiary enters contract with Alu Iberica

A subsidiary of Norsk Hydro, Hycast AS, has entered into a contract with a Spanish aluminum company to provide the latter with casthouse technology.

The contract is worth €9.7 million. Furthermore, the deal includes “design and supply of equipment for casting extrusion ingots based on recycled aluminium,” Hydro said in a release.

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