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United States Steel Corporation Reports Second Quarter 2020 Results

Steel News - Published on Mon, 03 Aug 2020

Image Source: US Steel
United States Steel Corporation has reported second quarter 2020 net loss of USD 589 million. Adjusted net loss was USD 469 million. This compares to second quarter 2019 net earnings of USD 68 million. Adjusted net earnings for second quarter 2019 were USD 78 million. US Steel President and Chief Executive Officer Mr David B Burritt said “We are encouraged by the recovery in market conditions as automotive original equipment manufacturers) are nearing normalized production levels and healthy order activity has continued into the third quarter. Construction demand is exceeding our expectations and is expected to remain robust, particularly for value-add construction products. To ensure we continue to serve our customers, we restarted two blast furnaces to quickly respond to increasing activity and plan to restart an additional furnace at Gary Works on August 1. In Europe, demand is beginning to recover, in-line with the re-opening of the European continent. Ee exceeded our second quarter guidance as North American Flat-rolled segment shipments meaningfully accelerated in the second half of June, resulting in better than expected production efficiencies and cost benefits across our mines and steel plants. Still, second quarter performance was impacted by COVID-19 and the nonrecurring costs associated with a significant portion of our steelmaking operations being idled in the quarter. We are encouraged by the accelerating pace of incoming orders across our steelmaking and sheet finishing facilities. While a portion of operating inefficiencies will continue to impact third quarter performance, we are confident that the second quarter was the trough for the year.”

Earnings Highlights
Dollars in millionsQ2'20Q2'19YoYH1'20H1'19YoY
Net Sales2,0913,545-41%4,8397,044-31%
Segment (loss) EBIT
U. S. Steel Europe-26-10-160%-4019-311%
Other Businesses-2110-310%-2018-211%
Total segment (loss) earnings before interest and income taxes-423128-430%-519270-292%
Net (loss) earnings-58968-966%-980122-903%

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Posted By : Yogender Pancholi on Mon, 03 Aug 2020
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