US Steel reported third quarter 2017 net earnings of $147 million, compared to third quarter 2016 net earnings of $51 million, and second quarter 2017 earnings of $261 million.
The company’s net sales for Q3 totaled $3.25 billion, compared to net sales of $2.69 billion in Q3 2016 and $3.14 billion in Q2 2017.
By segment, US Steel’s flat-rolled division saw net income of $160 million in Q3, compared to net earnings of $114 million in Q3 2016 and $218 million in Q2 2017. The company’s tubular division saw a net loss of $7 million in Q3, compared to net losses of $75 million in Q3 2016 and $29 million in Q2 2017.
Commenting on US Steel’s outlook for the rest of 2017, President and Chief Executive Officer Dave Burritt said, “We believe market conditions, which include spot prices, raw material costs, customer demand, import volumes, supply chain inventories, rig counts and energy prices, will change, and as changes occur during the balance of 2017, we expect these changes to be reflected in our net earnings and adjusted EBITDA.”
If market conditions remain at their current levels, the company expects full-year 2017 net earnings of approximately $323 million.