The company's European division increased the indicator by 3.7% y/y
US Steel Corporation, one of the largest steel producers in the United States, increased steel shipments by 3.8% in 2023 compared to 2022, to 15.51 million tons. In the fourth quarter, the number increased by 13% compared to the previous year – to 3.81 million tons. This is stated in the company's report.
US Steel Europe's European division shipped 3.899 million tons of steel to consumers last year, an increase of 3.7% compared to 2022. The average selling price was 807 euros per ton, compared to 1,029 euros per tonne in 2022.
In 2023, US Steel's European operations produced 4.39 million tons of steel, an increase of 14.5% from 2022. The crude steel utilization rate was 88% compared to 77% a year earlier .
US Steel's flat rolled, mini mill and tubular divisions shipped 8.71 million tons (+4% y/y), 2.42 million tons (+6%) and 0.48 million tons (-8 .6%) of steel last year, respectively. In 2023, US flat-rolled steel increased steel production by 6.2% y/y – to 9.4 million tons, Mini Mil by 11.4% y/y – to 2.95 million tons , and Tubular – at 10.4% y/y. The Flat Rolled Division's crude steel utilization rate was 71% (67% in 2022), Mini Mil – 89% (80%), Tubular – 63% (70%).
US Steel's net profit in 2023 decreased by 14.3% compared to 2022 – to $18.05 billion. The company's net profit last year decreased 64.5% year over year – to $895 million. Adjusted EBITDA totaled $2.14 billion, compared to $4.29 billion in 2022.
“Our hard work over the years is bearing fruit in the form of remarkable achievements. We enter 2024 with strong momentum. Delivery times are increasing, reflecting strong customer demand, and our production facilities are operating at high utilization rates to efficiently fulfill customer orders,” commented US Steel President and CEO David B. Burritt.
As previously reported by Compraço, in December 2023 it was announced that Nippon Steel, the largest steel producer in Japan and one of the main steel producers in the world, will purchase US Steel at a price of US$55 per share, which equivalent to approximately US$14.9 billion. including debt obligations.
A group of multinational companies is calling on the US government to conduct an objective analysis of the proposed acquisition of US Steel by Japan's Nippon Steel, without political context. The letter was published by the Global Business Alliance (GBA), which represents international companies in the United States.
Additionally, Takahiro Mori, executive vice president of the Japanese steel company, met with members of the US Congress to discuss how the acquisition would benefit all stakeholders.
