United States Steel Corporation reported third quarter 2022 net earnings of $490 million, or $1.85 per diluted share. This compares to the company’s all-time best record third quarter 2021 net earnings of $2.00 billion, or $6.97 per diluted share.
Net sales in Q3 2022 totaled $5.20 billion, compared to $5.96 billion in Q3 2021. Total steel shipments in the quarter reached 3.69 million net tons, compared to 4.12 million nt in the year-on-year quarter. Raw steel production for all segments totaled 4.0 million nt in Q3, compared to 4.78 million nt in Q3 2021. Raw steel capability utilization in Q3 reached 68 percent for flat rolled, 74 percent for mini mill operations, 76 percent for the tubular segment, and 75 percent for European operations. This compares to 61 percent, 90 percent, 52 percent, and 101 percent, respectively, for Q3 2021.
Commenting on the third quarter 2022 performance, US Steel President and Chief Executive Officer David B. Burritt said, “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.”