U.S. Steel Corp. said March 12 that it expects to benefit from the recently announced tariffs on steel imports by the U.S. government and the planned restart of the company's Granite City Works.
President Donald Trump recently ordered tariffs of 25% on global steel imports and 10% on aluminum, vowing to boost domestic production and security.
U.S. Steel anticipates an increase in shipments of around 100,000 tons per month from its Illinois-based steelmaking facilities following the restart.
The company expects to book EBITDA of around US$250 million the first quarter, with 2018 EBITDA seen increasing to about US$1.7 billion, up from the previous estimate of US$1.5 billion.
The impact of the tariffs on market conditions will become clearer over the next several months and may affect the company's results, U.S. Steel added.
