US Steel Corp. reports higher net earnings for Q4, but overall $1.17 billion net loss for 2020

Friday, 29 January 2021 22:42:03 (GMT+3)   |   San Diego
       

US Steel Corp. reported fourth quarter 2020 net earnings of $49 million, compared to fourth quarter 2019 net loss of $668 million. Full-year 2020 net loss was $1.17 billion, compared to full-year 2019 net loss of $630 million.

Net sales in Q4 2020 totaled $2.56 billion, compared to $2.82 billion in Q4 2019. For the full-year 2020, net sales totaled $9.74 billion, compared to $12.94 billion in 2019.

Total steel shipments in Q4 2020 totaled 3.17 million nt, compared to 3.47 million nt in Q4 2019. Steel shipments for the full-year 2020 totaled 12.22 million nt, compared to 15.06 million nt in 2019.

Capacity utilization in the flat rolled segment was 58 percent, compared to 60 percent in Q4 2019. In the full-year 2020, capacity utilization averaged 55 percent, compared to 67 percent in 2019.

Commenting on the company’s results, US Steel President and CEO David B. Burritt said, “Our performance continues to strengthen as we enter 2021 and we are bullish that the market will continue to be fueled by robust demand, low inventories, and supportive raw material prices.”


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