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United States Steel Corp Announces Q3 Result

Steel News - Published on Mon, 04 Nov 2019

Image Source: barrons.com
United States Steel Corporation reported third quarter 2019 net loss of USD 84 million. Adjusted net loss was USD 35 million. This compares to third quarter 2018 net earnings of USD 291 million & adjusted net earnings for third quarter 2018 were USD 321 million. President and Chief Executive Officer Mr David B Burritt said that "The team delivered better than expected results from solid cost performance and higher than forecasted shipments in Flat-Rolled. While market headwinds persist, we continue to focus on what we can control, including re-scoping our asset revitalization investments and reducing fixed costs. We also completed three financing activities since the quarter ended, which delivered approximately USD 1.1 billion of incremental capital to further support our strategy."

Mr Burritt added that “We are using today's market environment as a catalyst to improve our business model with our 'best of both' strategy.  Our investment in Big River Steel is strategic priority number one and we are already purposefully re prioritizing our uses of cash towards investments most closely aligned with the business we are becoming.  We will be flexible managing the pace of our strategic investments to ensure we demonstrate the resiliency required to achieve the cost and capability differentiation of our world competitive strategy."

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Posted By : Rabi Wangkhem on Mon, 04 Nov 2019
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