United States Steel Corporation has reported third quarter 2022 net earnings of USD 490 million as compared to USD 516 million in the third quarter 2022 & all-time best record third quarter 2021 net earnings of USD 1,638 million. US Steel President & Chief Executive Officer Mr David B Burritt said “We delivered another solid quarter and are on pace for our second-best financial year ever and a third consecutive year of record safety performance. Continued profitability and prudent working capital management resulted in healthy free cash flow that supported our strategic initiatives. Our assets are running well to deliver high-quality steel, safely and reliably to our customers.” Mr Burritt continued, “Demand headwinds persisted through the third quarter. Across our integrated steelmaking mills, we responded quickly with footprint actions aligning supply with the current flat-rolled order book. The impact of these headwinds in our Mini Mill and US Steel Europe segments were worsened by temporarily higher than normal raw material expenses in the quarter, as we worked through inventories built in response to the Ukrainian conflict. While we expect to work through these costlier raw materials through year-end, we remain focused on the opportunity to in-source Mini Mill metallics as a competitive cost advantage. Results for US Steel Europe were also negatively impacted by escalating energy costs, which we expect will also remain high. Our Tubular segment continued to deliver sequential improvements, reliably serving strong demand in domestic energy end markets.”
United States Steel Corporation has reported third quarter 2022 net earnings of USD 490 million as compared to USD 516 million in the third quarter 2022 & all-time best record third quarter 2021 net earnings of USD 1,638 million. US Steel President & Chief Executive Officer Mr David B Burritt said “We delivered another solid quarter and are on pace for our second-best financial year ever and a third consecutive year of record safety performance. Continued profitability and prudent working capital management resulted in healthy free cash flow that supported our strategic initiatives. Our assets are running well to deliver high-quality steel, safely and reliably to our customers.” Mr Burritt continued, “Demand headwinds persisted through the third quarter. Across our integrated steelmaking mills, we responded quickly with footprint actions aligning supply with the current flat-rolled order book. The impact of these headwinds in our Mini Mill and US Steel Europe segments were worsened by temporarily higher than normal raw material expenses in the quarter, as we worked through inventories built in response to the Ukrainian conflict. While we expect to work through these costlier raw materials through year-end, we remain focused on the opportunity to in-source Mini Mill metallics as a competitive cost advantage. Results for US Steel Europe were also negatively impacted by escalating energy costs, which we expect will also remain high. Our Tubular segment continued to deliver sequential improvements, reliably serving strong demand in domestic energy end markets.”
