US Steel Kosice reduced steel supplies by 15% y/y in Q2

Steel production fell 19% year-on-year in April-June

Slovak Metallurgical Plant US Steel Kosice (USSK), a subsidiary of US Steel, in the second quarter of this year reduced steel shipments by 15% year-on-year – to 875,000 short tons. This is stated in the US Steel quarterly report.

In April-June, USSK reduced steel output by 19% y/y – to 980 thousand t, ensured capacity utilization by 79% compared to 97% in the same period last year.

The average selling price of metal products fell by 15% y/y – up to $821 per short ton. The company’s net sales decreased by 28% year-on-year – to $750 million.

In H1, USSK increased shipments by 1.6% y/y – up to 1.95 million short tons. Steel production in January-June fell by 12% year-on-year – to 2.06 million tons, capacity utilization in the specified period was 83%.

Net sales of US Steel Kosice in the first half of the year fell by 11% – to $1.68 billion.

President and CEO of US Steel, David B. Burritt, noted that in Europe in the third quarter, results are expected to be in line with the previous quarter, which reflects a decrease in selling prices, which is largely offset by a drop in raw material costs.

As GMK Center reported earlier, in 2023, US Steel Kosice produced 4.39 million tons of steel, which is 14.5% more year-on-year. Steel shipments by the plant increased by 3.7% y/y – to 3.899 million tons.

The enterprise is equipped with three blast furnaces with a total capacity of 5 million tons of cast iron per hour. The plant specializes in the production of hot-rolled, cold-rolled and hot-dip galvanized coils.