US Steel reports smaller loss than expected
U.S. Steel (NYSE:X) +6.2% after-hours after reporting a smaller than expected Q4 loss and saying it expects improving results this year following Q1.
Q4 revenue fell 23% Y/Y to 2.82B from 3.69B; flat-rolled shipments fell 8% to 2.52M net tons at an average realized price of 6699/TON vs. 8823/TON in the prior-year quarter, and tubular shipments slid 10% to 193K tons at an average realize price of $1,298/ton vs. $1,488/ton a year earlier.
But U.S. Steel expects Q1 will be "the trough for the year due to the normal seasonality of our mining operations and lower [Q1] shipments in Flat-rolled as the company prepares for the April blast furnace outage at Gary Works."
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Q4 revenue fell 23% Y/Y to 2.82B from 3.69B; flat-rolled shipments fell 8% to 2.52M net tons at an average realized price of 6699/TON vs. 8823/TON in the prior-year quarter, and tubular shipments slid 10% to 193K tons at an average realize price of $1,298/ton vs. $1,488/ton a year earlier.
But U.S. Steel expects Q1 will be "the trough for the year due to the normal seasonality of our mining operations and lower [Q1] shipments in Flat-rolled as the company prepares for the April blast furnace outage at Gary Works."
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