Drilling to pick up as gas prices rise: USS

May 01, 2013 | 06:19 PM | Thorsten Schier

Tags  U.S. Steel, John Surma, quarterly results, OCTG, oil country tubular goods, tubulars, line pipe, Lorain plant Thorsten Schier

NEW YORK — U.S. Steel Corp. expects domestic drilling activity to pick up as natural gas prices, buoyed by a drawdown of stocks due to a longer than expected winter in some parts of the country, have risen to more than $4 per million British thermal units (mmBtu).

"Given these conditions, we would expect drilling activity to increase," chairman and chief executive officer John P. Surma said April 30 during the steelmaker’s quarterly earnings call.

As a result, Pittsburgh-based U.S. Steel’s second-quarter tubular shipments are expected to rise vs. the first quarter, although average realized prices are projected to fall slightly as welded product shipments rise, he said. ....

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