New York - U.S. Steel should report its first profitable quarter since October 2008 in Q3. U.S. Steel reported 198 million dollars in income from operations in Q2 but the results sank due to a 96 million dollar impairment on a loan to a European subsidiary. However, the Euro has increased dramatically since the end of June and in the next quarter U.S. Steel will recognize an approximately 119 million dollar gain from currency. This number is currently not being factored into investors' predictions for Q3.
Kibbens estimates U.S. Steel will earn 91 cents a share but stripping out one time gains from the Euro his estimate is 18 cents. Kibbens had been recommending investors to buy the Euro for the entire summer, as analysts incorrectly argued the U.S. dollar and the Euro would reach parity.
To see his full report Click Here
Showing posts with label U.S. Steel. Show all posts
Showing posts with label U.S. Steel. Show all posts
Tuesday, October 5, 2010
Friday, October 1, 2010
Is U.S. Steel (NYSE: X) a Steal?
U.S. Steel will report its Quarter 3 earnings on October 25th. The stock has struggled in a range of $39 to $48 following its Q2 results. Investors felt these results were weak, however CEO of The Markets Are Open, Andyraw Kibbens felt they were particularly strong. He noted that the company incurred a charge for a loan they had in Euros and without this the company was profitable.
He noted that he expected Q3 and Q4 to be weaker, as U.S. Steel has begun idling certain plants which means demand is weaker. However, he noted that he expected to see U.S. Steel reverse its loss in the Euro in Q3 meaning they will report a profit.
To see his full report on U.S. Steel Click Here
He noted that he expected Q3 and Q4 to be weaker, as U.S. Steel has begun idling certain plants which means demand is weaker. However, he noted that he expected to see U.S. Steel reverse its loss in the Euro in Q3 meaning they will report a profit.
To see his full report on U.S. Steel Click Here
Wednesday, September 29, 2010
The Euro Effect on U.S. Steel Q3 (X)
New York - Earlier this month, AK Steel and Nucor cut their estimates on Q3, and this has caused steel stocks to decline recently. US Steel has sunk over 10% since AK Steel updated its Q3 guidance on September 15. AK Steel is now expecting an operating loss for the quarter. Andy Kibbens CEO of The Markets Are Open noted that AK Steel’s results are dropping due to higher raw material costs something which won’t affect U.S. Steel since it is an integrated producer and has its own iron mines. Nucor also lowered its guidance saying profit would come in and 5 to 10 cents a share due to a higher scrap costs.
Kibbens noted that higher scrap costs are actually indirectly positive for U.S. Steel. He noted that if the costs of scrap are going up there is more demand for the industry in general. He noted that U.S. Steel is not a mini mill producer unlike Nucor and does not need to pay for scrap thus this bad news for Nucor does not effect U.S. Steel.
U.S. Steel should report its first profitable quarter since October 2008. U.S. Steel reported 198 million dollars income from operations in Q2 but the results sank due to a 96 million dollar impairment on a loan to a European subsidiary. However, the Euro has increased dramatically since the end of June and in the next quarter U.S. Steel will recognize approximately 119 million dollar gain from currency. This number is currently not being factored into anyones predictions for Q3.
Kibbens estimates U.S. Steel will earn 91 cents a share but stripping out one time gains from the Euro his estimate is 18 cents. Kibbens noted the mistake of many analysts to be comparing U.S. Steel to Nucor and AK Steel.
To see his full report
Click Here
Kibbens noted that higher scrap costs are actually indirectly positive for U.S. Steel. He noted that if the costs of scrap are going up there is more demand for the industry in general. He noted that U.S. Steel is not a mini mill producer unlike Nucor and does not need to pay for scrap thus this bad news for Nucor does not effect U.S. Steel.
U.S. Steel should report its first profitable quarter since October 2008. U.S. Steel reported 198 million dollars income from operations in Q2 but the results sank due to a 96 million dollar impairment on a loan to a European subsidiary. However, the Euro has increased dramatically since the end of June and in the next quarter U.S. Steel will recognize approximately 119 million dollar gain from currency. This number is currently not being factored into anyones predictions for Q3.
Kibbens estimates U.S. Steel will earn 91 cents a share but stripping out one time gains from the Euro his estimate is 18 cents. Kibbens noted the mistake of many analysts to be comparing U.S. Steel to Nucor and AK Steel.
To see his full report
Click Here
Wednesday, August 18, 2010
Clairton Coke Works to Reduce Pollution
Residents of Liberty and Clairton can expect cleaner air in the years to come, thanks to emissions reductions slated for the Clairton Coke Works.
Owner U.S. Steel and the Allegheny County Health Department signed a Memorandum of Understanding to reduce the plant’s fine particulate pollution by 320 tons each year.
ACHD spokesman Guillermo Cole says the air quality improvements will come from the replacement of two quench towers that cool the coke, and from bringing three coke oven batteries into emissions compliance.
Cole says this agreement comes in addition to a 2008 document already requiring the plant to reduce particulate pollution.
“We’ve already seen the permanent shutdown of three older coke oven batteries. That has reduced particulate emissions already by 383 tons. The rebuild of Battery B has also dramatically reduced emissions, so these further improvements come on top of some major emission reductions that have already been achieved.”
Cole says the new emissions reductions are not tied to an explosion at the plant’s B Battery earlier this summer.
The Liberty/Clairton area is now expected to attain the national air quality standard by December of 2013, the same time this project is slated to be completed.
Owner U.S. Steel and the Allegheny County Health Department signed a Memorandum of Understanding to reduce the plant’s fine particulate pollution by 320 tons each year.
ACHD spokesman Guillermo Cole says the air quality improvements will come from the replacement of two quench towers that cool the coke, and from bringing three coke oven batteries into emissions compliance.
Cole says this agreement comes in addition to a 2008 document already requiring the plant to reduce particulate pollution.
“We’ve already seen the permanent shutdown of three older coke oven batteries. That has reduced particulate emissions already by 383 tons. The rebuild of Battery B has also dramatically reduced emissions, so these further improvements come on top of some major emission reductions that have already been achieved.”
Cole says the new emissions reductions are not tied to an explosion at the plant’s B Battery earlier this summer.
The Liberty/Clairton area is now expected to attain the national air quality standard by December of 2013, the same time this project is slated to be completed.
Thursday, July 15, 2010
Federal Agencies Investigate Clairton Blast
The Bureau of Alcohol, Tobacco, Firearms and Explosives and the federal Occupational Safety and Health Administration are the lead investigators of the explosion at U.S. Steel's Clairton Works. The explosion at the coke making operations injured 20 people Wednesday morning. Three of the 12 workers who remain hospitalized are in critical condition. A U.S. Steel spokeswoman issued a statement saying the accident occurred while maintenance work was being performed in the basement of the "B" Battery. That portion of the plant is closed, but the rest of the plant is operating normally today.
Allegheny County Emergency Services Chief Robert Full says "it's a miracle nobody was killed." Full says the blast was so powerful that it blew out concrete block walls and bent steel beams. Full says he expects the focus of the investigation to be on coke-oven gas. The investigation by OSHA and ATF is expected to take several weeks.
Mike Wright, Director of Health Safety and Environment for the United Steelworkers union spectulates coke-oven gas was involved. He says that's what tends to be present on a coke battery and if it is released and finds a source of ignition it can cause this type of explosion. Last September one man was killed and another person injured in an explosion at the U.S. Steel Clairton plant. Wright says it was caused by coke-oven gas, but the explosion was in a different area of the plant. He says they don't know yet if there are underlying causes similar to Wednesday morning's accident.
UPMC Mercy is one of the hospitals caring for injured workers. They received 6 victims yesterday. One man was released, 5 others are hospitalized with burns. Dr. Alain Corcos says one of the men is in critical condition because of heat injury and swelling of his airways. He says the man's lungs are okay. The other three workers at Mercy are in serious condition. All the men have 2nd and 3rd degree burns.
The names of the victims have not been released.
Allegheny County Emergency Services Chief Robert Full says "it's a miracle nobody was killed." Full says the blast was so powerful that it blew out concrete block walls and bent steel beams. Full says he expects the focus of the investigation to be on coke-oven gas. The investigation by OSHA and ATF is expected to take several weeks.
Mike Wright, Director of Health Safety and Environment for the United Steelworkers union spectulates coke-oven gas was involved. He says that's what tends to be present on a coke battery and if it is released and finds a source of ignition it can cause this type of explosion. Last September one man was killed and another person injured in an explosion at the U.S. Steel Clairton plant. Wright says it was caused by coke-oven gas, but the explosion was in a different area of the plant. He says they don't know yet if there are underlying causes similar to Wednesday morning's accident.
UPMC Mercy is one of the hospitals caring for injured workers. They received 6 victims yesterday. One man was released, 5 others are hospitalized with burns. Dr. Alain Corcos says one of the men is in critical condition because of heat injury and swelling of his airways. He says the man's lungs are okay. The other three workers at Mercy are in serious condition. All the men have 2nd and 3rd degree burns.
The names of the victims have not been released.
Wednesday, July 14, 2010
Health Dept Monitors Air Quality From Coke Oven Blast
The Allegheny County Health Department says it's investigating the effects of today’s explosion at the U.S. Steel Clairton Coke Works.
Director Dr. Bruce Dixon says because of the department's routine oversight of operations at the facility, a health inspector was at the plant at the time of the explosion.“
“While the incident produced a black cloud, these emissions resulted in no long-lasting effects to the environment or to the health of residents in the Liberty-Clairton area.”
None of the Health Department’s three monitors nearby in Liberty, Lincoln or Glassport showed any unusually high readings associated with the explosion."
Dixon says Health Department staff will continue to stay on-site as long as necessary to ensure the public’s health and safety as well as the area’s environmental integrity.
The incident occurred in the Battery B of the plant which is its largest section and is composed of 75 coke ovens.
U.S. Steel Clairton is the largest coke manufacturing facility in the United States producing 4.7 million tons of coke each year to be used in the steelmaking process.
Director Dr. Bruce Dixon says because of the department's routine oversight of operations at the facility, a health inspector was at the plant at the time of the explosion.“
“While the incident produced a black cloud, these emissions resulted in no long-lasting effects to the environment or to the health of residents in the Liberty-Clairton area.”
None of the Health Department’s three monitors nearby in Liberty, Lincoln or Glassport showed any unusually high readings associated with the explosion."
Dixon says Health Department staff will continue to stay on-site as long as necessary to ensure the public’s health and safety as well as the area’s environmental integrity.
The incident occurred in the Battery B of the plant which is its largest section and is composed of 75 coke ovens.
U.S. Steel Clairton is the largest coke manufacturing facility in the United States producing 4.7 million tons of coke each year to be used in the steelmaking process.
Investigation Into Coke Works Blast Underway
Emergency officials say the situation at the Clairton Coke Works has stabilized following an explosion and fire at the facility. The blast occurred at 9:37 this morning at the U.S. Steel coke plant. 15 workers were injured with varying degrees of burns. Dan Laurent, a spokesman for the West Penn Health Allegheny Health System, says three of the injured are in the West Penn Hospital Burn Unit, 2 of them in critical condition.
Gloria Kreps of UPMC says 6 workers are being treated at Mercy Hospital, 3 at UPMC Presbyterian and 1 at McKeesport Hospital. Doctor Alain Corcos, a burn specialist at Mercy, says one patient was treated and released but 4 are in serious condition and one man is in critical condition from burns to his face and airway system.
Two workers were taken to Jefferson Regional Hospital, one with minor burns and the other was suffering from chest pains.
U.S. Steel spokeswoman Erin DiPietro issued a statement confirming the explosion and fire at the "B" Battery of the coke works..."I do not have any information about the possible cause of the incident, but an investigation will be conducted. We will assess the extent of repairs and impact on operations at a later time."
Initial reports indicate that flammable gas in one of the coke ovens ignited. OSHA, the Occupational Safety and Health Administration, has begun an investigation. OSHA Pittsburgh Director Robert Szymanski says they have a team of investigators on site "trying to determine what happened, why it happened and how it can be prevented from happening again, and in the process of these events were there any violations of our standards."
Last September a worker was killed in an explosion at the Clairton Coke Works.
Gloria Kreps of UPMC says 6 workers are being treated at Mercy Hospital, 3 at UPMC Presbyterian and 1 at McKeesport Hospital. Doctor Alain Corcos, a burn specialist at Mercy, says one patient was treated and released but 4 are in serious condition and one man is in critical condition from burns to his face and airway system.
Two workers were taken to Jefferson Regional Hospital, one with minor burns and the other was suffering from chest pains.
U.S. Steel spokeswoman Erin DiPietro issued a statement confirming the explosion and fire at the "B" Battery of the coke works..."I do not have any information about the possible cause of the incident, but an investigation will be conducted. We will assess the extent of repairs and impact on operations at a later time."
Initial reports indicate that flammable gas in one of the coke ovens ignited. OSHA, the Occupational Safety and Health Administration, has begun an investigation. OSHA Pittsburgh Director Robert Szymanski says they have a team of investigators on site "trying to determine what happened, why it happened and how it can be prevented from happening again, and in the process of these events were there any violations of our standards."
Last September a worker was killed in an explosion at the Clairton Coke Works.
14 Workers Injured in Blast at Clairton Coke Works
Emergency crews are on the scene at U.S. Steel's Clairton Coke Works, the site of an explosion this morning. Initial reports have 14 workers injured.
Gloria Kreps, a spokeswoman for UPMC says 6 of the injured are at Mercy Hospital, 3 at UPMC Presbyterian and 1 in McKeesport Hospital.
According to Dan Laurent, a spokesman for the West Penn Allegheny Health system, 3 of the injured are in the West Penn Burn Unit with one in serious condition. One of the injured workers was taken to Jefferson Regional Hospital. Spokeswoman Candy Williams says that person was treated for minor facial burns.
Following that, Williams says an emergency response worker was brought to Jefferson Regional with chest pains. Also, 2 people in a nearby office are being treated for dust inhalation.
U.S. Steel spokeswoman Erin DiPietro issued a statement confirming the explosion and fire at the "B" Battery of the coke works..." U. S. Steel’s Security & Fire Protection Services personnel are working with local emergency responders. I do not have any information about the possible cause of the incident, but an investigation will be conducted. We will assess the extent of repairs and impact on operations at a later time."
A worker was killed in an explosion at the Clairton Coke Works last September.
Gloria Kreps, a spokeswoman for UPMC says 6 of the injured are at Mercy Hospital, 3 at UPMC Presbyterian and 1 in McKeesport Hospital.
According to Dan Laurent, a spokesman for the West Penn Allegheny Health system, 3 of the injured are in the West Penn Burn Unit with one in serious condition. One of the injured workers was taken to Jefferson Regional Hospital. Spokeswoman Candy Williams says that person was treated for minor facial burns.
Following that, Williams says an emergency response worker was brought to Jefferson Regional with chest pains. Also, 2 people in a nearby office are being treated for dust inhalation.
U.S. Steel spokeswoman Erin DiPietro issued a statement confirming the explosion and fire at the "B" Battery of the coke works..." U. S. Steel’s Security & Fire Protection Services personnel are working with local emergency responders. I do not have any information about the possible cause of the incident, but an investigation will be conducted. We will assess the extent of repairs and impact on operations at a later time."
A worker was killed in an explosion at the Clairton Coke Works last September.
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