U.S. Steel Kosice Posts Profit of $444 million in 2022, Down $531 million Y-o-Y

Kosice, February 6 (TASR) - U.S. Steel Kosice together with its subsidiaries, recorded earnings before interest and tax of $444 million (€405.9 million) last year, down $531 million (€485.5 million) year-on-year (y-o-y), the Kosice steelworks reported on its website based on the data published by its parent company U.S. Steel. In the 4th quarter of 2022, U.S. Steel Kosice reported a loss before interest and tax of $68 million (€62.2 million). Production capacities were used at 47 percent in this period, the annual average represented capacity utilisation at 77 percent. Meanwhile, investment expenses reached $90 million (€82.3 million) last year. Overall, the American corporation U.S. Steel reports the fulfilment of strategic commitments for the past year, a solid 4th quarter and results in 2022 as the second best in history with a net profit of $2.52 billion (€2.3 billion). At the end of last year, two of the total number of three blast furnaces were shut down in the Kosice steelworks. The company pointed to high energy prices, low market demand and a sharp increase in steel imports. The steelworks resumed operation of both shut-down furnaces in the course of January. am/mcs