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Finished coils await shipment at U.S. Steel’s Irvin Plant in West Mifflin. (File photo courtesy U.S. Steel Corp.)
U.S. Steel and its possible suitors are remaining quiet on two competing proposals to sell the corporation.
During a call Thursday with investors and reporters, the company reported third-quarter net earnings of $299 million, or $1.20 per share, and declared a five-cent-per-share dividend.
But corporation officials stayed mum about the possible sale of the Pittsburgh-based company, which operates the Mon Valley’s last integrated steel-making facilities, the Edgar Thomson Plant in Braddock and North Braddock, as well as the Clairton coke and by-products plant and Irvin Plant in West Mifflin.
In August, Cleveland-Cliffs Inc., a steel-making and iron-ore mining conglomerate in Ohio, and Sewickley-based Esmark Inc. announced they had both tendered offers to take over U.S. Steel. The Cleveland-Cliffs deal has the support of the United Steelworkers union.
David B. Burritt, U. S. Steel president and chief executive officer, said the corporation is “fully engaged” in a “robust and competitive” process to review both bids, as well as alternatives.
During Cleveland-Cliffs’ own earnings call with investors and reporters on Tuesday, C. Lourenco Goncalves, the chairman, chief executive officer and president, said the company could not comment on the process.
That company reported third-quarter revenues of $5.6 billion, or 52 cents per share, and net income of $275 million. Earnings were slightly depressed, Cleveland-Cliffs said, due to ongoing strikes against the U.S. auto industry, which is a major customer for flat-rolled steel.
Burritt said that U.S. Steel’s new mini-mills in Arkansas recently shipped their first rolls of steel.
“Our non-grain oriented, or NGO, electrical-steel line produced its first coil in September and first industrial grade coil in October,” he said. “NGO steel is essential to our country’s green energy future and serves the automotive and power-generation sectors. Our NGO line can produce the thinnest gauges, widest widths and biggest coils in the domestic industry today.”
Originally published October 26, 2023.