someoneyouknow
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Since the Trump administration announced tariffs last year, domestic steelmakers’ shares have slumped, partly on concern that trade tensions with China threatened global economic growth and demand for the commodity. Now, there’s evidence that those fears are being borne out, with U.S. Steel Corp., Nucor Corp. and Steel Dynamics Inc. all warning this week on third-quarter profit outlooks.
. . .
U.S. Steel shares headed for the biggest loss in more than a year on Thursday after the company said it expects to report a wider loss than analysts were expecting. The Pittsburgh-based producer cited weakening markets for flat-rolled steel and tubular products for the energy industry. That warning came two days after Nucor, the largest U.S. producer, said third-quarter profit waned amid “some softening in automotive, agricultural products and power transmission markets.”
The company said because of a lack of demand it would continue to idle two blast furnaces until the end of 2019, decreasing third-quarter shipments.
"The positive flat-rolled steel market indicators experienced earlier this summer have softened after a brief recovery in steel selling prices," U.S. Steel said. "The impact of falling steel prices through the second quarter, combined with the impact of a larger-than-expected drop in scrap prices on market sentiment, is expected to negatively impact flat-rolled earnings in the second half of the year."
“The macroeconomic outlook has not been friendly to the steelmakers this year,” Tyler Kenyon, an analyst at Cowen in New York, said in a telephone interview. “Some of that could be associated with trade tensions and uncertainty globally, and softness in the global industrial economy. It’s certainly changed the landscape for the steelmakers and their customers.”
So much winning. Just like coal mining.
https://www.bloomberg.com/news/articles/2019-09-18/u-s-steel-has-cut-1-800-jobs-in-europe-pares-earnings-forecast
https://www.industryweek.com/trade/us-steel-plunges-industry-earnings-reel-price-metal
https://www.msn.com/en-us/money/markets/u-s-steel-sinks-after-saying-it-expects-wider-than-expected-third-quarter-loss/ar-AAHwWYe
. . .
U.S. Steel shares headed for the biggest loss in more than a year on Thursday after the company said it expects to report a wider loss than analysts were expecting. The Pittsburgh-based producer cited weakening markets for flat-rolled steel and tubular products for the energy industry. That warning came two days after Nucor, the largest U.S. producer, said third-quarter profit waned amid “some softening in automotive, agricultural products and power transmission markets.”
The company said because of a lack of demand it would continue to idle two blast furnaces until the end of 2019, decreasing third-quarter shipments.
"The positive flat-rolled steel market indicators experienced earlier this summer have softened after a brief recovery in steel selling prices," U.S. Steel said. "The impact of falling steel prices through the second quarter, combined with the impact of a larger-than-expected drop in scrap prices on market sentiment, is expected to negatively impact flat-rolled earnings in the second half of the year."
“The macroeconomic outlook has not been friendly to the steelmakers this year,” Tyler Kenyon, an analyst at Cowen in New York, said in a telephone interview. “Some of that could be associated with trade tensions and uncertainty globally, and softness in the global industrial economy. It’s certainly changed the landscape for the steelmakers and their customers.”
So much winning. Just like coal mining.
https://www.bloomberg.com/news/articles/2019-09-18/u-s-steel-has-cut-1-800-jobs-in-europe-pares-earnings-forecast
https://www.industryweek.com/trade/us-steel-plunges-industry-earnings-reel-price-metal
https://www.msn.com/en-us/money/markets/u-s-steel-sinks-after-saying-it-expects-wider-than-expected-third-quarter-loss/ar-AAHwWYe