U.S. Steel Posted Net Loss in Q4 2023

SEATTLE (Scrap Monster): Pittsburgh-based United States Steel Corporation (U.S. Steel) announced fourth quarter and full year 2023 results.

The steelmaker reported net loss of $80 million, or $0.36 per diluted share during Q4 last year, compared with net earnings of $174 million, or $0.68 per diluted share during the corresponding quarter a year before. The Q4 2023 adjusted earnings stood at $167 million, or $0.67 per diluted share, in comparison with $235 million, or $0.89 per diluted share in Q4 2022.

For the full year 2023, the company reported net earnings of$895 million, or $3.56 per diluted share. This compares with net earnings of $2,524 million, or $9.16 per diluted share in 2022. The adjusted net earnings surged higher significantly from $2,785 million, or $10.06 per diluted share in 2022 to $2,524 million, or $9.16 per diluted share during the previous year.

The total steel shipments marked notable jump in Q4 and 2023, compared with the year before.

U. S. Steel President and Chief Executive Officer David B. Burritt noted that 2023 was a pivotal year in the history of the company, with the strategic review process ending up in signing of a definitive merger agreement with Nippon Steel Corporation. The transaction is expected to come to a close in the second or third quarter of the current year.

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