This Morning in Metals: U.S. Steel expects Q3 to be ‘quarter of records’
This morning in metals news: U.S. Steel released its third-quarter guidance yesterday; U.S. petroleum exports just edged out imports in the first half of the year; and, lastly, unemployment rates fell in 15 U.S. states in August.
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U.S. Steel releases Q3 guidance
On Thursday, U.S. Steel released its Q3 2021 financial guidance, forecasting EBITDA of $2.0 billion, up from $1.3 billion in the second quarter.
“We expect the third quarter to be a quarter of records for U. S. Steel,” U. S. Steel President and CEO David B. Burritt said. “Supported by strong reliability and quality performance, sustained customer demand, and continued increases in steel selling prices, we expect our Best for All℠ business model to generate record quarterly adjusted EBITDA and EBITDA margins, demonstrating the power of our strategy.”
Burritt added U.S. Steel is bullish that market fundamentals “will support a stronger for longer steel market.”
Higher steel prices into adjusted contracts and spot selling prices, plus strong customer demand, will contribute to record EBITDA in the company’s flat-rolled segment, the guidance report indicated.
US petroleum exports edge imports
U.S. petroleum exports came in higher than imports during the first half of 2021, the Energy Information Administration reported.
The U.S. had historically been a net petroleum importer during the first half of the year. In 2020, that shifted, as the U.S. became a net exporter. Meanwhile, this year marks only the second time the U.S. has been a net exporter during the first half of a year.
“The United States exports more refined petroleum products than it does crude oil,” the EIA said. “Petroleum product exports averaged 5.5 million b/d in the first half of 2021, up from 5.3 million b/d in the first half of last year. Exports of petroleum products include motor gasoline, distillate, and propane exports.”
Unemployment down in 15 states
August unemployment rates fell in 15 states and the District of Columbia, the Bureau of Labor Statistics reported.
Meanwhile, unemployment rates compared with the previous year declined in 49 states and the District of Columbia.
Furthermore, nonfarm payroll employment increased in 11 states and decreased in three states.
California led the way by adding 104,300 jobs, while Texas added 39,300 and New York added 23,500.
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