US Steel reports $84 million net loss in Q3

Friday, 01 November 2019 20:35:45 (GMT+3)   |   San Diego

US Steel reported a third quarter 2019 net loss of $84 million, compared to third quarter 2018 net earnings of $291 million. Net sales in Q3 2019 totaled $3.07 billion, compared to $3.73 billion in the year-on-year quarter.

Steel shipments in Q3 totaled 3.59 million nt, compared to 3.94 million nt in Q3 2018. Of those shipments in Q3 2019, flat steel made up 2.65 million nt, with 174,000 nt of tubular shipments and 765,000 nt in shipments from US Steel Europe.

Raw steel production in Q3 totaled 2.78 million nt, compared to 2.93 million nt in Q3 2018. Raw steel capacity utilization in Q3 was 65 percent in Q3, compared to 68 percent in Q3 2018.

In a press release, President and Chief Executive Officer David B. Burritt commented, “While market headwinds persist, we continue to focus on what we can control, including re-scoping our asset revitalization investments and reducing fixed costs.”

Burritt added, “We are using today's market environment as a catalyst to improve our business model with our 'best of both' strategy.  Our investment in Big River Steel is strategic priority number one and we are already purposefully re-prioritizing our uses of cash towards investments most closely aligned with the business we are becoming.”

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