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US Steel “optimistic” about anticipated industry recovery

PITTSBURGH, PA -- After a few rough quarters for the steel industry, United States Steel is looking ahead to the third quarter of 2020 and the company is expecting an improvement compared to the last few months.

US Steel provided its third quarter 2020 guidance on Friday.

According to President and CEO David Burritt, improving market conditions in June and July have continued and have grown through August and September.

Burritt said the company's ability to respond to increasing customer demand and strengthening steel fundamentals are expected to result in significantly improved adjusted earnings in the third quarter.

In a statement, Burritt said, “Our priorities remain unchanged even as market conditions improve. Protecting lives and livelihoods continue to be our top priority." He continued, "We also remain focused on fortifying the balance sheet as we navigate today’s market and better position the company to invest in the recovery."

Burritt said that includes the intent to acquire the remaining stake in Big River Steel which the president and CEO cited as a top strategic priority.

US Steel operates Minntac and Keetac on the Iron Range. 

You can read the full report here.

Kristen Vake

Anchor, Reporter

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