Auto Strike Prompts U. S. Steel to Idle Blast Furnace
09/19/2023 - United States Steel Corporation is temporarily idling the B blast furnace at its Granite City Works amid a strike by the United Auto Workers.
Announcing the decision its third-quarter earnings guidance on Monday, the company said the action is consistent with an effort last year to balance melt capacity with the order book.
"(The guidance) reflects the expected impact on third quarter financial results from the United Autoworkers union strike announced earlier this month. Consistent with actions taken in 2022 to balance our melt capacity with our order book, we will temporarily idle blast furnace ‘B’ at Granite City Works and are reallocating volumes to other domestic facilities to efficiently meet customer demand," U. S. Steel said in a statement.
U. S. Steel is forecasting adjusted net earnings of US$1.10 and US$1.15 per diluted share. It also is starting up its non-grain oriented electrical steel line at Big River Steel Works, with the first coil expected at month’s end.
“We are executing our Best for All strategy as we advance our portfolio of in-flight capital projects on time and on budget,” said U. S. Steel president and chief executive officer David Burritt.