This Morning in Metals: U.S. Steel reports Q3 net earnings of $1.5B
This morning in metals news: U.S. Steel reported its third-quarter earnings; new orders for manufactured goods increased in September; and, lastly, unemployment rates in September fell in 386 of 389 metropolitan areas.
Stop obsessing about the actual forecasted steel price. It’s more important to spot the trend.
U.S. Steel reports Q3 earnings
U.S. Steel reported Q3 net earnings of $1.54 billion, up from a loss of $254 million in Q3 2020.
In the third quarter, the steelmaker reported average flat rolled realized prices of $1,325 per net ton.
“We are confident in the long-term value our new, highly capable mini mill will create as it further expands our competitive advantage to produce sustainable and differentiated steel,” CEO David B. Burritt said. “We are getting better, not bigger, by building on our Mini Mill segment’s industry-leading performance to create a business model that will continue to reward stockholders into the future.”
New orders for manufactured goods rise
New orders for manufactured goods rose by 0.2% to $515.9 billion in September, the Census Bureau reported.
Furthermore, new orders have now increased in 16 of the last 17 months.
Shipments increased 0.6% to $511.5 billion.
Unemployment rates down in 386 of 389 metro areas
Unemployment rates in September came in down in 386 of 389 metro areas compared with September 2020, the Bureau of Labor Statistics reported.
Of 51 metropolitan areas with a 2010 Census population of 1 million or more, Salt Lake City, Utah, and Oklahoma City, Oklahoma, had the lowest jobless rates at 1.7% and 1.9%, respectively.
Furthermore, the national unemployment rate reached 4.6% in September, down from 7.7% in September 2020.
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