SEATTLE (Scrap Monster): United States Steel Corporation (U.S. Steel) reported second quarter 2022 net earnings of $978 million, or $3.42 per diluted share. This compares with second quarter 2021 net earnings of $1,012 million, or $3.53 per diluted share. The adjusted net earnings improved to $1,104 million, or $3.86 per diluted share, in comparison with $1,050 million, or $3.67 per diluted share during the prior year quarter.
The company continued to exhibit record safety performance during the past twelve-month period. It generated nearly $6.7 billion of adjusted EBITDA and over $4 billion of free cash flow. After accounting for the July buyback activity, the company returned approximately $850 million to its shareholders.
The strong performance across diverse operating segments helped the company to deliver record-best second quarter results, noted David B. Burritt, Chief Executive Officer. The recent investments in competitive businesses, especially the well-timed acquisition of Big River Steel will help create enduring value for its stakeholders through the cycle, he added.
Burritt shared bullish outlook on U.S. Steel’s future. Despite softness in some consumer-oriented markets like automotive and appliance, the company sees accelerating line pipe and energy demand.
The company announced plans to implement resiliency plans and cost mitigation actions at its ailing Slovakian operations.