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Steel Earnings Started with a Bang but Ended with a Whimper

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Nov. 20 2020, Updated 12:24 p.m. ET

Steel earnings

Most US-based steelmakers (SPY) (SPX-INDEX) have released their 1Q17 earnings. The season kicked off with Steel Dynamics, which released its 1Q17 financial results on April 19, 2017. Nucor (NUE) released its 1Q17 earnings on April 20, followed by AK Steel’s (AKS) release on April 25. U.S. Steel (X) released its 1Q17 earnings on April 25, followed by a conference call on April 26.

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1Q17 earnings season

The earnings season has started off well for steel investors (MT), and both Nucor and Steel Dynamics saw upward price actions after their 1Q17 earnings releases. (You can read Nucor and Steel Dynamics: Steel Earnings Start with a Bang to analyze Nucor’s and Steel Dynamics’ 1Q17 earnings.)

However, the tide turned the other way for AK Steel and U.S. Steel. AK Steel lost more than 10% after releasing its 1Q17 earnings, after seeing negative price action during the quarter, despite its better-than-expected earnings. The company’s 2Q17 outlook likely spooked investors. (You can read AK Steel’s Nightmarish Year Continues after Its 1Q17 Earnings to find out why markets frowned on AK Steel’s 1Q17 earnings.)

Series overview

In this series, we’ll analyze U.S. Steel’s 1Q17 earnings. We’ll explore what drove U.S. Steel’s 1Q17 financial performance and the key takeaways from the company’s earnings conference call. We’ll also analyze the business outlook and guidance provided by U.S. Steel and discuss how U.S. Steel’s different business segments performed.

We’ll begin by looking at U.S. Steel’s 1Q17 revenue.

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