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Steel News October 30, 2020 11:20:54 PM

U.S. Steel Reported Losses for the Fifth Consecutive Quarter

Paul Ploumis
ScrapMonster Author
The company reported net loss of $234 million, or $1.06 per diluted share during the quarter.

U.S. Steel Reported Losses for the Fifth Consecutive Quarter

SEATTLE (Scrap Monster): Pittsburgh-headquartered integrated steelmaker United States Steel Corporation (U.S. Steel) reported third quarter 2020 results. The company piled up more losses during the quarter, with tariffs failing to revive fortunes. It is the fifth consecutive quarter of losses for the steelmaker.

The company reported net loss of $234 million, or $1.06 per diluted share during the quarter. This compares with third quarter 2019 net loss of $84 million, or $0.49 per diluted share. The adjusted net loss was $268 million, or $1.21per diluted share in Q3 this year, as compared with net loss of $35 million, or $0.21 per diluted share during the corresponding quarter a year before. The sales in the most recent quarter slumped 24% from $3.1 billion a year earlier to $2.3 billion.

David B. Burritt, President and Chief Executive Officer, U.S. Steel noted that the team continued to execute with an unwavering commitment to safety. The quarterly results exceeded its guidance, demonstrating the effect of actions taken by it to meet Covid-19 impacts, he added.

The company reported dramatic improvement in flat-rolled segment results. Also, U.S. Steel Europe reported positive EBITDA and cash from operations of $213 million. U.S. Steel expects to generate positive adjusted EBITDA in the fourth quarter as well.

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