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US Steel remains nation's 2nd largest steelmaker-The 19th China (Guangzhou ) Int’l Casting product Exhibition
10/11/2017 casting expo-Die-casting expo-foundry expo |
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NWI Times reported that US Steel lost its crown as America''s biggest domestic steelmaker by sales to Nucor, the once-upstart mini mill operator in 2010, and it continues to lose ground to the North Carolina-based rival.
Market Realist, an independent investment research firm, reported that Nucor shipped 6.8 million tons of steel in the second quarter, a 4.5% increase.
US Steel ranked second out of US steelmakers in sales, shipping 3.8 million tons of steel in the second quarter of 2017. Its sales were down about 2.5% as compared to the 3.9 million tons of steel it shipped out in the second quarter of 2016.
The Pittsburgh-based steelmaker, which operates Gary Works, East Chicago Tin and the Midwest Plant in Portage, held onto its second place ranking among steelmakers headquartered in the US, ranking ahead Fort Wayne-based Steel Dynamics, Ohio-based AK Steel and Texas-based Commercial Metals Co in the second quarter.
"It’s worth noting that US Steel accounted for 67% of the total steel produced in the United States in its first year of full operation, making it the largest steelmaker in the world," Market Realist Steel Industry Analyst Mark O''Hara wrote in a report. "However, now, the company is nowhere near its iconic past. US Steel was ranked 24th among global steelmakers based on 2016 tonnage, according to the World Steel Association."
Markets have been bearish on US Steel recently, which was recently downgraded by Crown Group from "market perform" to "underperform."
Mr O''Hara wrote that "Meanwhile, despite the recent downgrades, the majority of analysts don’t really see US Steel as being in distress. The stock has received a ''buy'' or higher rating from 53% of analysts polled by Thomson Reuters on Sept 29. US Steel has received a ''hold'' rating from 27% of analysts while only 20 percent of analysts rate the stock as a ''sell.''"
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