United States Steel Corporation reported third quarter net earnings of $119 million, or $0.48 per diluted share. This compared to third quarter 2023 net earnings of $299 million, or $1.20 per diluted share.
Net sales in Q3 2024 totaled $3.85 million, compared to $4.43 million in Q3 2023. Total steel shipments in the quarter reached 3.52 million net tons, compared to 3.78 million nt in the year-on-year quarter. Raw steel production for all segments totaled 3.97 nt in Q3, compared to 4.18 nt in Q3 2023. Raw steel capability utilization in Q3 reached 63 percent for flat-rolled, 88 percent for mini mill, 70 percent for tubular, and 72 percent, 83 percent, and 49 percent for Q3 2023.
Commenting on the company’s third quarter performance, David B. Burrito, CEO of US Steel, said, “Third quarter adjusted EBITDA of $319 million demonstrated resilience in our business model despite the weaker average selling prices experienced across our operating segments. The North American Flat-Rolled segment continued to benefit from a strong commercial strategy that leveraged a diverse product mix and a purposeful increase in contracted volumes across the end markets we serve. Our Mini Mill segment, which was impacted by softening market pricing, delivered 11 percent EBITDA margins when adjusting for $40 million in one-time start-up costs for strategic projects. USSE earnings benefited from a one-time favorable adjustment related to CO2 allocations, which offset pressures from a challenging demand environment in Europe. Tubular earnings were weaker in the third quarter, as expected, reflecting lower benchmark prices.”
The company expects its EBITDA for the fourth quarter to be in the range of $225-275 million driven largely by lower lagging average selling price expectations for the quarter. In addition, the company achieved first coil at Big River 2 project in Osceola, Arkansas. Big River 2 project will contribute to the target of achieving carbon neutrality, as SteelOrbis previously reported.