U.S. Steel has issued a warning that it may be forced to close its steel mills and relocate its headquarters from Pittsburgh if its proposed sale to Japan’s Nippon Steel does not go through. The deal, which faces significant opposition, is crucial for U.S. Steel’s financial stability and the preservation of jobs.
Friedman Industries, Inc. (FRD) reported a significant decline in both revenue and earnings for the first quarter of fiscal 2025. The company experienced a 16.6% drop in revenue, driven by lower sales volume and selling prices across its Flat-Roll and Tubular segments. While the Tubular segment saw a positive increase in sales volume, the overall impact of declining prices and reduced sales led to a 64.4% decrease in earnings per share compared to the previous year. Despite these challenges, the company anticipates potential improvement in margins towards the end of the second quarter due to rising hot-rolled coil (HRC) prices.
Maharashtra’s Deputy Chief Ministers, Devendra Fadnavis and Ajit Dada Pawar, laid the foundation stone for the Surjagad Ispat Pvt Ltd steel project in Gadchiroli, marking a significant investment of Rs. 10,000 crore. This ambitious project is expected to create over 7,000 jobs and elevate Gadchiroli into Maharashtra’s leading district and the largest steel hub in India, contributing to the vision of Atmanirbhar Bharat.
Cleveland-Cliffs reported weaker-than-expected first-quarter results due to a buyers’ strike from service centers. Although revenue slightly declined, the company’s adjusted earnings per share improved year-over-year. Steel product sales volumes decreased, but average selling prices increased. The company maintained its outlook for steel shipment volumes and unit cost reductions.
Cleveland-Cliffs Inc. (CLF) reported mixed first-quarter financial results, missing revenue estimates but maintaining its full-year guidance. The company posted revenue of $5.2 billion, below expectations of $5.346 billion, and adjusted earnings of 18 cents per share, falling short of analysts’ estimates of 22 cents per share. Despite these results, Cleveland-Cliffs remains optimistic about 2024, citing resilient automotive production and plans to benefit from lower costs and a strong automotive sector in the second quarter.
