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U.S. Steel Košice only made €4m last year

U.S. Steel's Košice steel mill reported an EBITDA profit of €4m last year, a paltry sum compared to a net profit of €981m in 2021-22. This year, it expects better results, as global demand for steel is picking up and so are steel prices. In the last quarter of 2023, it lost $19m selling steel at $770 per ton, down $190 from at the end of 2022. Production was up 3% last year to 3.9m tons.

Late last year, Japanese rival Nippon Steel announced its acquisition of U.S. Steel, but the deal is not expected to be completed until this summer. The pending €1.3bn investment in electric furnaces in Košice will probably not be decided until then. The steel mill is set to lose half of the €600m in subsidies promised by the state for the investment.


Táto správa je z Ekonomiky DNES, denného prehľadu najdôležitejších ekonomických správ zo Slovenska.

This news is from the Slovak Business News TODAY, one-page summary of all the important Slovak business news.

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