U.S. Steelmakers Issue Soft 3Q Guidance as Falling Steel Prices Portend Lower Profits
Having reviewed a flurry of guidance releases from U.S. steelmakers, we've softened our 2019 outlook for industrywide profits. Per the commentary provided, broader steel demand remains fairly steady except for a pocket of weakness associated with the automotive end market. Metal margins have contracted in recent months amid materially lower steel prices and a non-commensurate decrease in input costs. Additionally, we remain cautious about the industry's long-term prospects, as we expect steel de...United States Steel is a steel producer of flat-rolled and tubular products with production operations in the United States and Europe. The company is also engaged in railroad services and real estate operations. The company's segments are: North American Flat-Rolled, which produces slabs, strip mill plates, sheets and tin mill products; U. S. Steel Europe, which produces and sells slabs, strip mill plate, sheet, tin mill products and spiral welded pipe, as well as heating radiators and refractory ceramic materials; and Tubular Products, which produces and sells electric resistance welded steel casing and tubing (known as oil country tubular goods), and standard and line pipe and mechanical tubing.
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