US Steel reports $1.01 billion in net earnings for Q2

Thursday, 29 July 2021 00:29:20 (GMT+3)   |   San Diego

US Steel reported second quarter 2021 net earnings of $1.01 billion, compared to a second quarter 2020 net loss of $589 million. Net sales for the quarter totaled $5.03 billion, compared to $2.09 billion in Q2 2020.

Total steel shipments in Q2 2021 were 4.21 million net tons, compared to 2.53 million net tons in the year-on-year quarter. Capacity utilization for flat-rolled production in Q2 was 59 percent, compared to 35 percent in Q2 2020.

Commenting on the results, US Steel President and Chief Executive Officer David B. Burritt said in a press release, “We are bullish that today's strong market environment can continue. Our business is firing on all cylinders; our balance sheet has been enhanced, and our pension and OPEB plans are fully funded. We are capitalizing on today’s supportive market to get to our future faster.”

Burritt said the company expects to set new records in the third quarter, and achieve an all-time best adjusted EBITDA for the quarter.

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