Photo Credit: Nucor Corporation
Here are summaries of the fourth-quarter 2023 and full year reports from steel producers aligned closely with the steel framing industry.
Cleveland-Cliffs Reports Full Year Revenue of $22 Billion
Cleveland-Cliffs, a Steel Framing Industry Association member, reported full-year and fourth-quarter results for the period ended December 31, 2023.
Full-year 2023 consolidated revenues were $22.0 billion, compared to the prior year’s consolidated revenues of $23.0 billion.
As previously foreshadowed in Cliffs’ 2022 10-K, full-year results included a goodwill impairment charge totaling $125 million, related to the Tooling & Stamping business within the other businesses segment, primarily driven by revised investment plans and higher discount rates.
For the full year 2023, the Company generated GAAP net income of $450 million, or $0.78 per diluted share, with adjusted net income of $545 million and adjusted EPS of $1.07 per diluted share. This compares to 2022 net income of $1.4 billion, or $2.55 per diluted share, with adjusted net income of $1.4 billion or $2.74 per diluted share. For the full year 2023, Adjusted EBITDA was $1.9 billion, compared to $3.2 billion in 2022. The reduction was primarily driven by lower steel index pricing in 2023 compared to 2022, partially offset by higher sales volumes and lower operating costs. See the company release for details.
Fourth-quarter 2023 consolidated revenues were $5.1 billion, compared to prior-year fourth-quarter consolidated revenues of $5.0 billion.
“2023 was another great year for Cleveland-Cliffs, in which we accomplished several goals in commercial, operations, finance and human resources,” said Lourenco Goncalves, Cleveland-Cliffs’ chairman, president, and CEO. “Our 2023 total steel shipments of 16.4 million tons set a record since we became a steel company in 2020.”
Read the complete Cleveland-Cliffs release.
ArcelorMittal Nets $919 Million 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, 2023. ArcelorMittal Dofasco is a member of the Steel Framing Industry Association.
For the 12-month period, ArcelorMittal recorded a net income of $0.9 billion including a negative $2.4 billion impact related to the disposal of the Kazakhstan operations, and a $1.4 billion impairment of Acciaierie d’Italia in Italy. Adjusting for these items, FY 2023 adjusted net income is $4.9 billion.
Fourth-quarter 2023 sales were $14.5 billion, with an adjusted net income of $0.9 billion.
“Our results for the full year reflect the benefits of the structural improvements we have made to our cost base, asset portfolio and balance sheet in recent years,” said Aditya Mittal, ArcelorMittal chief executive officer. “Despite the operating environment becoming increasingly challenging as the year progressed, our profitability per tonne is healthy and well above long-term averages.”
Read the complete ArcelorMittal release.
U.S. Steel Reports Full Year Net Earnings of $895 Million
United States Steel Corporation, a Steel Framing Industry Association member with operations across the United States and in Central Europe, reported a fourth-quarter 2023 net loss of $80 million and adjusted net earnings of $167 million. This compares to fourth-quarter 2022 net earnings of $174 million and adjusted net earnings of $235 million.
Full year 2023 net earnings were $895 million and adjusted net earnings were $1,195 million. This compares to full year 2022 net earnings of $2,524 million and adjusted net earnings for 2022 were $2,785 million.
“We ended the year with another quarter of strong financial and operational performance, and we did it safely, setting yet another year of record best safety performance,” said David B. Burritt, U. S. Steel president and chief executive officer. “2023 was a pivotal year in the history of U. S. Steel as our strategic alternatives review process culminated in the signing of a definitive merger agreement with Nippon Steel Corporation.”
Read the complete U.S. Steel release.
Nucor Reports Reports Full Year Net Earnings of $4.52 Billion
Nucor Corporation, a Charlotte, North Carolina, steel products manufacturer and Steel Framing Industry Association member, announced consolidated net earnings of $785.4 million for the fourth-quarter of 2023. By comparison, Nucor reported consolidated net earnings of $1.14 billion for the third-quarter of 2023 and $1.26 billion for the fourth-quarter of 2022.
For the full year 2023, Nucor reported consolidated net earnings of $4.52 billion compared with consolidated net earnings of $7.61 billion in 2022.
“The Nucor team delivered a strong finish to 2023, which represents the third-most profitable year in our Company’s history,” said Leon Topalian, Nucor’s chair, president, and chief executive officer. “Nucor’s strategy to grow our core steelmaking capabilities and expand beyond into steel-adjacent business lines continues to deliver strong results.”
Read the complete Nucor news release.
Steel Dynamics Records 2023 Net Income of $2.5 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 2023 net sales of $4.2 billion and net income of $424 million. Comparatively, the company’s sequential third quarter 2023 net income was $577 million and prior year fourth quarter net income was $635 million.
Annual 2023 net income was $2.5 billion with net sales of $18.8 billion, as compared to net income of $3.9 billion with net sales of $22.3 billion for the same period in 2022.
“The teams executed well and delivered a solid operational and financial performance across our operating platforms during 2023, resulting in our second highest annual net sales of $18.8 billion,” said Mark D. Millett, chairman, president, and chief executive officer. “Underlying domestic steel demand was firm throughout 2023 supported by the construction, automotive, industrial, and energy sectors.”
Read the complete Steel Dynamics news release.
Additional Resources
- CFS Framing Manufacturing Volume for 2023 Rises 9.7% from 2022 Levels, SFIA Says
- Construction Spending Slips 0.4 Percent In December, Yet Month Sees Record-High Job Openings
- ABC’s Construction Backlog Indicator Inches Higher in December, Contractor Confidence Improves