U.S. Steel Announced First Quarter 2024 Results

SEATTLE (Scrap Monster): Pittsburgh-based United States Steel Corporation (U.S. Steel) reported first quarter 2014 results.

The integrated steel maker reported first quarter 2024 net earnings of $171 million, or $0.68 per diluted share. This compares with first quarter 2023 net earnings of $199 million, or $0.78 per diluted share. The adjusted net earnings recorded increase from $195 million, or $0.77 per diluted share in Q1 last year to $206 million, or $0.82 per diluted share in Q1 this year, said the company press release.

U.S. Steel declared that it continued to progress towards closing the transaction with Nippon Steel Corporation. It expects the merger transaction to be completed in the second half of the current year, subject to fulfilment of the remaining customary closing conditions.

The company’s North American Flat-Rolled and Mini Mill segments generated notable EBITDA rise over the sequential quarter, driven by higher steel prices and optimized product mix. The European segment delivered better-than-expected results. Meantime, the Tubular segment continued to deliver historically strong performance in Q1 this year, said the company press release.

David B. Burritt, President and Chief Executive Officer, U.S. Steel said that the company delivered solid first quarter results. Furthermore, it expects an even stronger Q2 results, with likely adjusted EBITDA of $425-$475 million, he added.