US Steel reported a first quarter 2017 net loss of $180 million, compared to a first quarter 2016 net loss of $340 million and a fourth quarter 2016 net loss of $105 million. Net sales for Q1 totaled $2.73 billion, compared to $2.34 billion in Q1 2016 and $2.65 billion in Q4 2016.
Commenting on results,
US Steel CEO Mario Longhi said, "While our segment results improved by over $200 million compared with the first quarter of 2016, operating challenges at our Flat-Rolled facilities prevented
us from benefiting fully from improved market conditions,” adding that overall, improved commercial conditions “more than offset” higher raw materials and energy costs and increased maintenance and outage spending driven by the company’s asset revitalization efforts.
As for an outlook on the rest of 2017, Longhi said, “If market conditions, which include spot prices, raw material costs, customer demand, import volumes, supply chain inventories, rig counts and energy prices, remain at their current levels, we expect 2017 net earnings of approximately $260 million.”
Full-year 2017 results for the company’s flat-rolled, European, and tubular segments are expected to be higher than 2016.