Photo Credit: Nucor Corporation
Here are summaries of the fourth-quarter 2022 and full year reports from steel producers aligned closely with the steel framing industry.
Cleveland-Cliffs Reports Full Year Revenue of $23 Billion
Cleveland-Cliffs, a Steel Framing Industry Association member, reported full-year and fourth-quarter results for the period ended December 31, 2022.
Full-year 2022 consolidated revenues were $23.0 billion, compared to the prior year’s consolidated revenues of $20.4 billion. The Company generated net income of $1.4 billion, or $2.55 per diluted share attributable to Cliffs shareholders. This compares to 2021 net income of $3.0 billion, or $5.36 per diluted share attributable to Cliffs shareholders.
Fourth-quarter 2022 consolidated revenues were $5.0 billion, compared to prior-year fourth-quarter consolidated revenues of $5.3 billion. For the fourth-quarter of 2022, the Company recorded a net loss of $204 million, corresponding to a loss of $0.41 per diluted share attributable to Cliffs shareholders.
“In what was just our second year with our current configuration, 2022 is the year in which we consolidated Cleveland-Cliffs’ position as the leader in flat-rolled steel in the United States,” said Lourenco Goncalves, Cliffs’ chairman, president, and CEO.
Read the complete Cleveland-Cliffs release.
ArcelorMittal Nets $9.3 Billion for Full Year
ArcelorMittal, Luxembourg, the world’s leading integrated steel and mining company, announced results for the three-month and full year periods ended December 31, 2022. ArcelorMittal Dofasco is a member of the Steel Framing Industry Association.
ArcelorMittal recorded a net income of $261 million in the fourth-quarter of 2022, a decrease from the $4,045 million in the same period of 2021. The company also reported an adjusted net income of $1,189 million for 4Q 2022, compared to $3,827 million in 4Q 2021.
For the full year, the company calculated a net income of $9.3 billion on sales of nearly $80 billion worth of product.
“Despite the challenges that emerged as the year unfolded, our full year results demonstrate the benefits of our strengthened asset portfolio and the improvements we have made to our cost base in recent periods,” said Aditya Mittal, ArcelorMittal chief executive officer.
Read the complete ArcelorMittal release.
U.S. Steel Reports Full Year Net Earnings of $2.52 Billion
United States Steel Corporation, a Steel Framing Industry Association member with operations across the United States and in Central Europe, reported fourth-quarter 2022 net earnings of $174 million, or $0.68 per diluted share. This compares to fourth-quarter 2021 net earnings of $1.07 billion, or $3.75 per diluted share. 
Full year 2022 net earnings was $2.52 billion, or $9.16 per diluted share. Adjusted net earnings was $2.74 billion, or $9.95 per diluted share and excluded the impact of asset impairments related to the permanent idling of the iron making process at the Company’s Great Lakes Works, the impact of a one-time signing bonus related to the United Steelworkers labor agreement, and other one-time items detailed in the reconciliation of adjusted net earnings table. This compares to full year 2021 net earnings of $4.17 billion, or $14.88 per diluted share.
“2022 was another exceptional year for U. S. Steel, marking our second-best financial performance in the Company’s history,” said David B. Burritt, U. S. Steel president and chief executive officer.
“Our fourth quarter results exceeded our guidance expectations thanks to the combined efforts of our domestic steelmaking operations and Tubular segment,” Burritt added.
Read the complete U.S. Steel release.
Nucor Reports Reports Full Year Earnings of $7.61 Billion
Nucor Corporation, a Charlotte, North Carolina, steel products manufacturer and Steel Framing Industry Association member, announced consolidated net earnings of $1.26 billion, or $4.89 per diluted share, for the fourth-quarter of 2022. By comparison, Nucor reported consolidated net earnings of $1.69 billion, or $6.50 per diluted share, for the third-quarter of 2022 and $2.25 billion, or $7.97 per diluted share, for the fourth-quarter of 2021.
For the full year 2022, Nucor reported record consolidated net earnings of $7.61 billion, or $28.79 per diluted share, surpassing the previous record of consolidated net earnings of $6.83 billion, or $23.16 per diluted share, in 2021.
“I am proud to report that 2022 was both the safest and most profitable year in Nucor history,” said Leon Topalian, Nucor’s chair, president, and chief executive officer. “This is the fourth consecutive year the Nucor team has exhibited record-breaking safety performance, as we strive to become the world’s safest steel company.”
Read the complete Nucor news release.
Steel Dynamics Records 2022 Net Sales of $22.3 Billion
Steel Dynamics Inc., one of the largest steel producers and metals recyclers in the United States and a Steel Framing Industry Association member, reported fourth-quarter 2022 net sales of $4.8 billion and net income of $635 million, or $3.61 per diluted share. Comparatively, the company’s sequential third quarter 2022 earnings were $5.03 per diluted share, and adjusted earnings were $5.46 per diluted share.
Annual 2022 net income was a record $3.9 billion, or $20.92 per diluted share, with record net sales of $22.3 billion, as compared to net income of $3.2 billion, or $15.56 per diluted share, with net sales of $18.4 billion in 2021.
“The team delivered a tremendous operational and financial performance during 2022, achieving record net sales of $22.3 billion,” said Mark D. Millett, chairman, president, and chief executive officer. “Domestic steel demand was solid throughout the year supported most significantly by the construction, automotive, industrial, and energy sectors.”
Read the complete Steel Dynamics news release.
Additional Resources
- Manufacturing Volume of Cold-Formed Steel Framing Dips 4.8% in Q3 2022
- Nonresidential Construction Backlogs Remain Steady, Construction Input Costs Dip
- SFIA Member Steel Mills Release Q3 Earnings, Comment on What Lies Ahead