U.S. Steel Kosice Posts Profit of $16 million in First Quarter of This Year

Kosice, May 5 (TASR) - U.S. Steel Kosice together with its subsidiaries recorded earnings before interest and taxes of $16 million (€14.89 million) in the first quarter of this year, compare to loss of $34 million (€31.65 million) it showed for the same period of last year, the Kosice steelworks reported on its website based on the data published by its parent company U.S. Steel. Investments amounted to $28 million (€26.06 million) in 1Q24 and production capacities were used at 87 percent. "Our European segment was doing well on the dynamic steel market, performing better than expected," said U.S. steel president David B. Burritt. However, outlook for the upcoming period remains cautious. "The results of our U.S. Steel Europe segment are expected to remain challenged by growing adverse commercial factors. As a result of this, we have extended the planned shut-down of blast furnace number 2 to balance our output with demand," stated Burritt. U.S. Steel, a part of which is the Kosice steelworks, should be taken over by the Japanese Nippon Steel as part of the acquisition announced at the end of last year. ko