US Steel Reports Record Second Quarter 2022 Results

Pittsburgh US headquartered United States Steel Corporation has reported April-June 2002 quarter net earnings of USD 978 million as compared to second quarter 2021 net earnings of USD 1,012 million. US Steel President & Chief Executive Officer Mr David B Burritt said “Our record-best second quarter was driven by strong performance across our diverse operating segments. The bold decisions we have made to invest in our competitive advantages make us a stronger business that creates enduring value for our stockholders through the cycle. The well-timed acquisition of Big River Steel created a best in class sustainable Mini Mill segment representing nearly 30% of US Steel’s domestic flat rolled steel EBITDA over the past twelve months. We invested in state-of-the-art electric arc furnace steelmaking through challenging energy dynamics and our Tubular segment is now profitably serving the resurging oil and gas markets. Our revitalized integrated operations are benefiting from our diverse end-market exposure and value-focused commercial strategy that leverages our deep customer relationships and lowest-cost iron ore capabilities to produce profitable steel solutions. In Europe, our Slovakian operations are navigating challenging conditions and continuing to implement resiliency plans and cost mitigation actions in the event of continued economic slowdown in the region.”April-June 2022 QuarterNet Sales – USD 6,290 million, up 25% YoYFlat-Rolled – USD 777 million, up 34% YoYMini Mill – USD 270 million, down 5% YoYUS Steel Europe – USD 280 million, up 35% YoYTubular – USD 107 millionEBIT - USD 1,254 million, up 21% YoYNet earnings – USD 978 million, down 3% YoYJanuary-June 2022Net Sales - USD 11,524 million, up 33% YoYFlat-Rolled - USD 1,290 million, up 78% YoYMini Mill – USD 548 million, up 32% YoYUS Steel Europe – USD 544 million, up 74% YoYTubular – USD 184 millionEBIT - USD 2,372 million, up 63% YoYNet earnings - USD 1,860 million, up 69% YoYMr Burritt concluded “We are bullish on US Steel’s future and confident in our ability to execute our Best for All strategy. While some consumer-oriented markets like automotive and appliance are softer, line pipe and energy demand is accelerating. We have demonstrated a commitment to achieving and maintaining a strong balance sheet, a supportive debt maturity profile, and a balanced approach to capital allocation. We’ve completed our USD 800 million stock buyback authorization and are pleased to announce a new USD 500 million stock buyback authorization today. We are a ‘show me’ story, which gives us the opportunity to continue to consider our stock as an attractive investment. Through passion and perseverance, we look forward to demonstrating the power of our strategy and the improvement in the value of our company.”

US Steel Reports Record Second Quarter 2022 Results

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