Weakness in the American steel market and the impact of August’s explosion at the Clairton Coke Works led to early stress in Nippon Steel Corp.’s newly acquired United States Steel Corp. even as it charts an $11 billion investment and a bright future in the medium- and long-term.
The Tokyo-based steelmaker Wednesday cut estimates for a full-year profit from its U.S. Steel division to zero below earlier estimates of $80 billion yen ($520 million) due to tariff-related uncertainties in the U.S. Steel market and a $22.2 billion yen ($142.9 million) loss at the company from Clairton and the loss of a pellet sale contract.
“(It is) difficult to forecast near-term trends as U.S. steel market is significantly below the level of initial anticipation,” according to an investor presentation released Wednesday.
Nippon Steel said it was excluding U.S. Steel’s financial results from its overalls released Wednesday.
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