United States Steel to Restart Second Granite City Works Blast Furnace, Comments on 2018 Guidance
June 05 2018 - 4:53PM
United States Steel Corporation (NYSE:X) announced today it will
restart the second of two blast furnaces (“A” blast furnace) at its
Granite City Works, an integrated steelmaking plant in Granite
City, Ill. The restart of the “A” blast furnace will support
increased demand for steel manufactured in the United States, while
allowing the Company to continue to support customers during
planned asset revitalization efforts.
“We are excited to announce that after the restart
of the “A” blast furnace on or around October 1, all of the
steelmaking operations at Granite City will be back on line,
helping us meet an increased demand for American-made steel that
has only grown since our March announcement,” said U. S. Steel
President and Chief Executive Officer David B. Burritt. “After
careful consideration of market conditions and customer demand,
including the impact of Section 232, the restart of the two blast
furnaces at Granite City Works will allow us to serve our
customers’ growing demand for high quality products melted and
poured in the United States.”
The Company will hire around 300 new employees for
the restart of blast furnace “A” that will support increased
shipments beginning in the fourth quarter. In March, U. S.
Steel announced the restart of Granite City Works’ blast furnace
“B” and steelmaking operations that brought back 500 positions,
filled by new and returning employees. The restart of blast furnace
“B” is in progress.
“Our restart efforts would not be possible without
our talented team at Granite City Works. Thanks to their passion
and resolve, we are on track for a successful and safe restart of
blast furnace ‘B,’ and the forthcoming restart of ‘A’ will be no
different,” Burritt said. “We appreciate and thank the United
Steelworkers for their continued cooperation and assistance in the
restart process. Together, we are strengthening American-made
steel.”
The Company is now guiding full-year EBITDA to at
or near the high end of the previously announced range of $1.7 -
$1.8 billion and is reiterating second quarter EBITDA guidance of
approximately $400 million.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This release contains information that may
constitute “forward-looking statements” within the meaning of
Section 27 of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. We
intend the forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements in those
sections. Generally, we have identified such forward-looking
statements by using the words “believe,” “expect,” “intend,”
“estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,”
“should,” “will” and similar expressions or by using future dates
in connection with any discussion of, among other things, operating
performance, trends, events or developments that we expect or
anticipate will occur in the future, statements relating to volume
growth, share of sales and earnings per share growth, and
statements expressing general views about future operating
results. However, the absence of these words or similar
expressions does not mean that a statement is not
forward-looking. Forward-looking statements are not
historical facts, but instead represent only the Company’s beliefs
regarding future events, many of which, by their nature, are
inherently uncertain and outside of the Company’s control. It
is possible that the Company’s actual results and financial
condition may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking
statements. Management believes that these forward-looking
statements are reasonable as of the time made. However,
caution should be taken not to place undue reliance on any such
forward-looking statements because such statements speak only as of
the date when made. Our Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by law. In addition, forward-looking statements
are subject to certain risks and uncertainties that could cause
actual results to differ materially from our Company's historical
experience and our present expectations or projections. These
risks and uncertainties include, but are not limited to the risks
and uncertainties described in “Item 1A. Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2017,
and those described from time to time in our future reports filed
with the Securities and Exchange Commission. References to
"we," "us," "our," the "Company," and "U. S. Steel," refer to
United States Steel Corporation and its consolidated
subsidiaries.
CONTACTS:
MediaMeghan CoxManagerCorporate CommunicationsT - (412) 433-6777E -
mmcox@uss.com
Investors/AnalystsDan LesnakGeneral ManagerInvestor
RelationsT - (412) 433-1184E - dtlesnak@uss.com
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