“We expect to deliver another strong quarter of safety, adjusted EBITDA, free cash flow and operational performance in the first quarter,” said U. S. Steel president and chief executive officer David B. Burritt in a company press release.
 
“At the beginning of the year, we communicated expected market softness for the first quarter, along with the normal seasonal impacts related to our mining operations. We are exiting the first quarter with spot business accelerating, steel prices rising and the longest backlog at our Big River Steel operations since October. Additionally, as a result of continued execution of our differentiated commercial strategy, we are realizing significant upside on our fixed price contracts. We expect improving market conditions to continue into the second quarter as seasonal demand picks up and buyers begin to shift their attention to a more reliable, regional steel supply given the geopolitical risks and cost volatility which has increased in recent weeks.”
 
“Today’s market dynamics reinforce what makes U. S. Steel’s business model unique,” Burritt added.
 
“Our low-cost, captive iron ore assets in Minnesota are a sustainable competitive advantage that cannot be replicated by the competition. We are increasingly translating this competitive advantage to our growing fleet of electric arc furnaces. We are building a pig iron machine at Gary Works to supply Big River Steel with up to 50% of its ore-based metallics needs by the first half of 2023 and will continue to identify additional opportunities to broaden our metallics strategy.”
 
The company announced last month its plan to invest US$60 million in scaling up ironmaking capacity at its Gary Works facility.