United States Steel to Restart Second Granite City Works Blast Furnace, Comments on 2018 Guidance

6 June 2018

United States Steel Corporation  announced today it will restart the second of two blast furnaces (“A” blast furnace) at its Granite City Works, an integrated steelmaking plant in Granite City, Ill.  The restart of the “A” blast furnace will support increased demand for steel manufactured in the United States, while allowing the Company to continue to support customers during planned asset revitalization efforts.

“We are excited to announce that after the restart of the “A” blast furnace on or around October 1, all of the steelmaking operations at Granite City will be back on line, helping us meet an increased demand for American-made steel that has only grown since our March announcement,” said U. S. Steel President and Chief Executive Officer David B. Burritt. “After careful consideration of market conditions and customer demand, including the impact of Section 232, the restart of the two blast furnaces at Granite City Works will allow us to serve our customers’ growing demand for high quality products melted and poured in the United States.”

The Company will hire around 300 new employees for the restart of blast furnace “A” that will support increased shipments beginning in the fourth quarter.  In March, U. S. Steel announced the restart of Granite City Works’ blast furnace “B” and steelmaking operations that brought back 500 positions, filled by new and returning employees. The restart of blast furnace “B” is in progress.

“Our restart efforts would not be possible without our talented team at Granite City Works. Thanks to their passion and resolve, we are on track for a successful and safe restart of blast furnace ‘B,’ and the forthcoming restart of ‘A’ will be no different,” Burritt said. “We appreciate and thank the United Steelworkers for their continued cooperation and assistance in the restart process. Together, we are strengthening American-made steel.”

The Company is now guiding full-year EBITDA to at or near the high end of the previously announced range of $1.7 - $1.8 billion and is reiterating second quarter EBITDA guidance of approximately $400 million.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release contains information that may constitute “forward-looking statements” within the meaning of Section 27 of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections.  Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “will” and similar expressions or by using future dates in connection with any discussion of, among other things, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume growth, share of sales and earnings per share growth, and statements expressing general views about future operating results.  However, the absence of these words or similar expressions does not mean that a statement is not forward-looking.  Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control.  It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements.  Management believes that these forward-looking statements are reasonable as of the time made.  However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made.  Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.  In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections.  These risks and uncertainties include, but are not limited to the risks and uncertainties described in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, and those described from time to time in our future reports filed with the Securities and Exchange Commission.  References to "we," "us," "our," the "Company," and "U. S. Steel," refer to United States Steel Corporation and its consolidated subsidiaries.

CONTACTS:
                                                                                                                                            
Media
Meghan Cox
Manager
Corporate Communications
T - (412) 433-6777
E - [email protected]

Investors/Analysts
Dan Lesnak
General Manager
Investor Relations
T - (412) 433-1184
E - [email protected]

 

Source: globenewswire.com