US Steel Q2 better than analysts expected

Hamilton, ON, Canada / AM900 CHML

Renewed concerns for the future of Hamilton’s US Steel operations amid the report on the company’s Second Quarter results.

While US Steel has posted another big loss, it’s not as big as the markets expected.

The Q2 loss is 18 million dollars, down considerably from the 60 million dollars analysts predicted.

It’s also up from the 78 million dollar loss for the same quarter last year.

While US Steel President Mario Longhi says each of the operating segments reported a profit, he adds challenges remain, especially in the flat-rolled sector that includes the former Stelco plants in Hamilton and Nanticoke.

There’s also news this week the American parent company has taken steps to insulate itself from any debt defaults
by the Canadian branch.

The action is seen as another sign the company intends a reorganization of the Canadian subsidiary.

(Hamilton Spectator)

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