U.S. Steel is idling a blast furnace in Illinois that Donald Trump visited as part of his visit. self-proclaimed It “rescued” the U.S. steel industry five years ago as the industry was balancing production levels with the impact of demand from customers affected by a UAW strike.
The Pittsburgh-based company said it decided to temporarily idle the “B” blast furnace at its Granite City Works plant to ensure steel production remains balanced with its orders. U.S. Steel also said it expected third-quarter adjusted earnings of about $550 million, above analysts’ average estimate of $485.6 million, which the company said took into account the impact of the UAW strike.
U.S. Steel rose as much as 3.1% in after-hours trading before giving up some of those gains. The company’s shares are up more than 20% this year after it announced last month that it was embarking on a strategy review after rejecting a takeover bid from rival Cleveland-Cliffs Inc.
In 2018, shortly after U.S. Steel announced it would reopen some plants, former President Trump visited the Granite City, Illinois, plant to all The impact of his widespread tariffs on steel imports.However, as the company continues transfer Moving away from old conventional steelmaking facilities and towards plants that melt scrap steel and convert it into new steel.
United Auto Workers start On Friday, all three major Detroit automakers, the largest consumers of U.S.-made steel, went on strike. About a ton of steel is produced for every car in the United States, and researchers at the CRU warned that a strike lasting three to four months could force some steel mills to halt production.
“Following the announcement of UAW strike action, we are executing risk mitigation plans to ensure our smelting capacity remains balanced with orders,” U.S. Steel spokesperson Amanda Markowsky said in a statement. “We have decided to temporarily Idle Granite City Works’ Blast Furnace ‘B’ and reallocate production to other domestic facilities as needed.”
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