| You are in: Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tuesday, 23 July, 2002, 11:18 GMT 12:18 UK US steel giant sees trade war gains ![]() US steel mills have gained temporary protection The United States' biggest integrated steel maker has moved back into profit, thanks to price rises brought in after the Bush administration raised tariffs on imported steel. The steel tariffs have triggered an international row, with European Union (EU) and the Asian steel producing countries accusing the US of breaking global trade rules. So far, the trade tariffs appear to have spelt good news for the industry they were designed to protect. United States Steel (USS) said it made net profit of $27m (�17.2m) in the three months from April to June. Industry gains In the same period of last year, USS racked up a loss of $30m. USS said it had been able to sell one of its key products, flat-rolled steel, for $25 a ton more than in the first three months of the year. That lifted the average price to $402 a ton. The firm said it expects both prices and flat-rolled steel sales to go on rising and is "confident" of making a profit this year. USS is not the only American steel maker to get a boost from the US decision to raise tariffs on imported steel by up to 30%. Another big name in the industry, Bethlehem Steel, has slashed its net loss for the April to June period to $118m from $1.13bn a year ago. Efficiencies Bethlehem Steel is one of more than 30 US steel firms which have filed for bankruptcy protection from its creditors since the steel tariffs were introduced. Some of the bankrupt firms have continued to operate, but the industry shake out has also cut steel making capacity across the US, benefiting the remainder. The Pittsburgh-based US Steel , which also has operations in Eastern Europe, said shipments of flat rolled steel increased to 2.6 million net tons, up from 2.3 million in the first three months of the year. "We capitalised on improved shipments, operating efficiencies and prices for both our domestic and Slovakian operations," said chairman and chief executive Thomas Usher. Overall, USS' sales were $1.8bn, up from $1.7bn a year ago. |
See also: 19 Jul 02 | Business 31 May 02 | Business 02 May 02 | Business 02 May 02 | Business 03 Jun 02 | Business 20 Jun 02 | Business 10 Jun 02 | Business Internet links: The BBC is not responsible for the content of external internet sites Top Business stories now: Links to more Business stories are at the foot of the page. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Links to more Business stories |
![]() | ||
| ---------------------------------------------------------------------------------- To BBC Sport>> | To BBC Weather>> | To BBC World Service>> ---------------------------------------------------------------------------------- © MMIII | News Sources | Privacy |