Chesterton Tribune

 

 

USS posts 2Q net income of $68M

Back To Front Page

 

By KEVIN NEVERS

U.S. Steel Corporation (USS) is reporting net earnings in the second quarter of 2019 of $68 million or 39 cents per diluted share, compared to net earnings of $54 million or 31 cents in the first quarter and net earnings of $214 million or $1.20 in the year-ago period.

“Our execution in the second quarter was strong despite challenging market conditions,” USS President and CEO David Burritt said in a statement released after deadline on Thursday. “We overcame logistics headwinds from severe weather and delivered for our customers, exceeding even our own expectations. We also completed several asset revitalization outages across the flat-rolled footprint on time and on budget, including upgrades to our Mon Valley steel shop. We expect these investments to enhance operating performance and reliability to provide high-quality, low-cost liquid steel for our future endless casting and rolling investment.”

“Execution of our technology investments, including the Mon Valley endless casting and rolling line, tubular electric arc furnace, and USSK Dynamo line, are on track to deliver almost $400 million of incremental run-rate EBITDA benefits when completed,” Burritt added. “With each passing quarter, we are making the company more competitive and our continued execution is proof that our strategy is working.”

2Q Numbers

--Average realized price per net ton of flat-rolled: $779 ($798 1Q, $819 year-ago).

--Total USS and U.S. Steel Europe shipments: 4.00 million net tons (3.99 million 1Q, 3.94 million year-ago).

--Flat-rolled steel capability at U.S. facilities: 70 percent (73 percent 1Q, 67 percent year-ago).

--Raw flat-rolled steel production: 2.98 million net tons (3.07 million 1Q, 2.84 million year-ago).

--Flat-rolled capital expenditures: $254 million ($247 million 1Q, $142 million year-ago).

--Intersegment shipments of flat-rolled to tubular: 52,000 net tons (81,000 net tons 1Q, 65,000 net tons year-ago).

--Net sales: $3.54 billion ($3.49 billion 1Q, $3.60 billion year-ago).

--Flat-rolled segment earnings: $134 million ($95 million 1Q, $224 million year-ago).

--U.S. Europe segment loss: $10 million ($29 million earnings 1Q, $115 million earnings year-ago).

--Tubular segment loss: $6 million ($10 million earnings 1Q, $35 million loss year ago).

--Other business segment earnings: $10 million ($8 million 1Q, $17 million year-ago).

--Total segment earnings before interest and income taxes: $128 million ($142 million 1Q, $321 million year-ago).

 

 

Posted 8/2/2019

 
 
 
 

 

 

Search This Site:

Custom Search