U.S. Steel Turned to Profit in Q4 2020

SEATTLE (Scrap Monster): Pittsburgh-based United States Steel Corporation (U.S. Steel) posted fourth quarter and full-year 2020 results.

The steelmaker reported fourth quarter 2020 net earnings of $49 million, or $0.22 per diluted share. The company’s adjusted net loss was $60 million, or $0.27 per diluted share. This is upon comparison with Q4 2019 net loss of $668 million, or $3.93 per diluted share and adjusted net loss of $109 million, or $0.64 per diluted share.

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For the full-year 2020, the company reported net loss of $1,165 million, or $5.92 per diluted share, compared to full-year 2019 net loss of $630 million, or $3.67 per diluted share. The adjusted net loss during the previous year stood at $920 million, or $4.67 per diluted share. This compares with adjusted net earnings for 2019 were $15 million, or $0.09 per diluted share in 2019.

Commenting on the results, David B. Burritt, President and CEO, U.S. Steel said that the company finished 2020 strong and are optimistic about delivering incremental value for its stakeholders in 2021. The market will continue to be fuelled by robust demand, low inventories and supportive raw material prices. With Big River Steel now fully part of the U.S. Steel portfolio, the company is well-positioned to drive significant earnings growth, he added.