Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

US Steel Reports Q2 Loss as China Iron Ore Price Rises

ByMetalMiner
Published 07/31/2013, 02:31 AM
Updated 07/09/2023, 06:31 AM

Via the Wall Street Journal:

“U.S. Steel Corp. (X) swung to a second-quarter loss as the company recorded weaker bottom-line results in its flat-rolled, European and tubular segments.

“Steel producers have been stung by weak prices amid a supply glut brought by slumping demand because of the uneven economic recovery. Looking ahead, Chairman and Chief Executive John Surma said the company’s results for its its flat-rolled and tubular segments are projected to improve sequentially for the third quarter, but it expects lower results from its European segment due to a planned blast furnace outage.”

The steel billet 3-month price saw the biggest increase at 6.9 percent on the LME, finishing at $155.00 per metric ton for Monday, July 29. The steel billet cash price experienced a big shift on Monday, gaining 4.2 percent on the LME to finish at $125.00 per metric ton.

The China price of iron ore 58% fines from India inched up slightly on the day.

After remaining flat for three days, the price of Chinese HRC fell 0.3 percent yesterday. Following three days of little change, the price of Chinese slab rose by 0.3 percent.

The US HRC futures contract 3-month price closed at $610.00 per short ton. Following a couple days of improvement, prices fell by 0.5 percent. The US HRC futures contract spot price showed little movement on Monday at $636.00 per short ton.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.