“Our expected fourth quarter performance is in line with commentary provided on our October earnings call,” said president and chief executive officer David B. Burritt. 

“We successfully navigated the impact of the Auto Workers’ strike to our domestic flat-rolled order book. Our diverse order book allowed us to repurpose tons impacted by the strike to other customers.” 

Burritt said that looking ahead domestic steel markets are improving, customer demand is growing, and spot selling prices are increasing.

“We are ending 2023 from a position of strength. Our guidance reflects strong performance, we are successfully negotiating annual auto contracts for incremental volumes and better pricing, and our suite of Best for All® strategic projects continues to progress on-time and on-budget.”

The earnings guidance made no mention of the company’s strategic alternatives process, which is said to be coming to a conclusion. According to CNBC, the company has received several bids in excess of US$40 per share.