Chesterton Tribune

 

 

No. 4 furnace at Gary Works to be idled

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A scheduled 48-day outage of the No. 4 blast furnace at Gary Works will begin in April, U.S. Steel is announcing.

The previously announced indefinite idling of the Great Lake Works outside of Detroit, Mich., will also begin in April, the company said in a guidance released last week. U.S. Steel is implementing that idling as part of its “best of both” strategy.

On the subject of the COVID-19 pandemic, U.S. Steel said the following: “The global coronavirus outbreak is an unprecedented and rapidly evolving situation. It remains uncertain how long the situation will last and what the impacts will be for the full year. Given the significant uncertainty in the marketplace, we continue to monitor demand levels and plan to provide more information during our first quarter earnings call.”

"We understand the situation remains fluid and we are preparing our operations to be as flexible as circumstances warrant,” USS President and CEO David Burritt added. “Our regional supply chain minimizes the risk of significant supply-chain related production disruptions.”

In the first quarter, flat-rolled operations are “expected to be better than anticipated as strong operating performace across our footprint, continued cost improvement, and seasonally strong shipment volumes more than offset the typical seasonality of mining,” the company said. “Additionally, the domestic flat-rolled steel market has remained healthy throughout the first quarter to date. Extended lead times are supported by robust construction end-market demand and an end to destocking that negatively impacted order rates throughout 2019.”

The tubular segment, however, “remains challenged as oil prices remain under significant pressure and rig counts continue to be low,” while in Europe steel selling prices have “steadily increased throughout the quarter resulting in better than anticipated first quarter performance for out USSE segment to date.”

 

Posted 3/26/2020

 

 
 
 
 

 

 

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