STEEL: Global conditions have been challenging for steelmakers

Times Board of Economists - Report from Jill Ritchie, director of public affairs and government relations for U.S. Steel Corp., director of public affairs and
2013-07-21T00:00:00Z 2013-12-18T16:23:23Z STEEL: Global conditions have been challenging for steelmakersJoseph S. Pete, (219) 933-3316

Steelmakers continue to struggle with weak demand, low prices and overcapacity.

More economic improvement would be needed to drive sales of steel, said Jill Ritchie of U.S. Steel.

“The steel industry continues to be challenged by a difficult global economic environment and very competitive steel market conditions,” she said.

U.S. Steel shipped 5.5 million tons of steel and brought in net sales of $4.6 billion during the first quarter, but lost $73 million. Steelmakers have struggled to make money because of high input costs, low sales prices and a flood of cheap imports.

Ritchie doesn’t expect much change in sales or revenue over the next six months, but said that Gary Works, East Chicago Tin and other U.S. Steel facilities would continue to plug along.

“At U.S. Steel our highly skilled workforce continues to focus on leading the industry by producing high quality steel products, ensuring a safe workplace and protecting the environment,” she said.

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