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Researched by Industrial Info Resources (Sugar Land, Texas)--United States Steel Corporation (U.S. Steel) (NYSE:X) (Pittsburgh, Pennsylvania) announced this week it is temporarily idling its Granite City Works blast furnace "B" as a result of the United Auto Workers (UAW) automotive plant strike.
U.S. Steel released its third-quarter guidance on Monday, saying the guidance "reflects the expected impact on third-quarter financial results from the United Auto Workers union strike announced earlier this month. Consistent with actions taken in 2022 to balance our melt capacity with our order book, we will temporarily idle blast furnace 'B' at Granite City Works and are reallocating volumes to other domestic facilities to efficiently meet customer demand."
U.S. Steel told St. Louis, Missouri, television station KMOV that any layoffs would happen in phases, but did not say how many workers would be laid off. There are currently about 1,450 employees at Granite City Works.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here for the Granite City Works plant profile.
U.S. Steel reported a better-than-expected performance in its third-quarter guidance. Third-quarter 2023 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to be approximately $550 million, compared with second-quarter EBITDA of $804 million. For related information, see August 1, 2023, article - U.S. Steel Expects Dip in 2024 Capex.
Industrial Info is tracking 61 U.S. Steel projects totaling $6.93 billion in value. Subscribers can click here for a list of detailed project reports.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
U.S. Steel released its third-quarter guidance on Monday, saying the guidance "reflects the expected impact on third-quarter financial results from the United Auto Workers union strike announced earlier this month. Consistent with actions taken in 2022 to balance our melt capacity with our order book, we will temporarily idle blast furnace 'B' at Granite City Works and are reallocating volumes to other domestic facilities to efficiently meet customer demand."
U.S. Steel told St. Louis, Missouri, television station KMOV that any layoffs would happen in phases, but did not say how many workers would be laid off. There are currently about 1,450 employees at Granite City Works.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here for the Granite City Works plant profile.
U.S. Steel reported a better-than-expected performance in its third-quarter guidance. Third-quarter 2023 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to be approximately $550 million, compared with second-quarter EBITDA of $804 million. For related information, see August 1, 2023, article - U.S. Steel Expects Dip in 2024 Capex.
Industrial Info is tracking 61 U.S. Steel projects totaling $6.93 billion in value. Subscribers can click here for a list of detailed project reports.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
