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US Steel Reports $52M Net Income for 1st Qtr 2014

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Despite what the company itself described as “extreme weather-related issues,” US Steel reported 52-million dollars in net income for the first quarter of the year, helped in part by better commercial prices. The company said their flat-rolled segment, its biggest unit by shipments, which includes local operations at mills in Gary and Portage, turned a profit of 85- million dollars across the first three months of 2014. At the same time, the steel giant said they expect reduced income from operations in the second quarter due to “weather-related logistical issues affecting both raw materials and finished products”. They also expect to report a loss for their flat-rolled segment in the second quarter of 2014. Ice cover not seen in over 30-years interrupted iron ore shipments from Great Lakes freighters and led to U.S. Steel Gary Works temporarily idling its blast furnaces and operations, according to an announcement by the company early this month (April).  In a statement issued by the company Tuesday, US Steel also also said they anticipate having operational difficulties largely behind them as they exit the second quarter.


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