This morning in metals news: U.S. Steel released its guidance for Q4 2021; U.S. job openings increased in 16 states in October; and, lastly, copper prices continue to trade sideways.
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U.S. Steel releases Q4 guidance
U.S. Steel said it expects its Q4 2021 adjusted EBITDA to come in at $1.65 billion.
“Next year, our fixed price contracts are resetting significantly higher, providing better earnings stability compared with competitors with more spot exposure,” CEO David B. Burritt said. “Additionally, incremental demand drivers are materializing, and we believe the steel industry super cycle will continue. Our fourth quarter guidance indicates another quarter of strong performance yet reflects a temporary slowdown in order entry activity, which we believe is related to typical seasonal year-end buying activity.”
The firm said its flat-rolled segment would deliver EBITDA of $1 billion.
“The strong performance is driven by increased flow-through of higher steel selling prices offset by cautious seasonal buying and higher raw material and energy costs,” the firm added.
Job openings rise in 16 states
U.S. jobs openings increased in 16 states in October, the Bureau of Labor Statistics reported.
Openings declined in two states and were relatively unchanged in 32 states. Hawaii, Minnesota and Kentucky posted the largest increases in job opening rates.
Copper continues to move sideways
In the copper market, copper prices have continued to move sideways over the last six weeks.
The LME copper price closed Wednesday at $9,495 per metric ton, per MetalMiner Insights data. The price fell 2.4% month over month.
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