Pittsburgh Steelmaker Anticipates Record Q2 2022 Results

The steelmaker reported first quarter 2022 net earnings of $882 million, or $3.02 per diluted share.

SEATTLE (Scrap Monster): Pittsburgh-based United States Steel Corporation (U.S. Steel) reported record first quarter 2022 results. Also, the company expects to deliver record second quarter performance.

The steelmaker reported first quarter 2022 net earnings of $882 million, or $3.02 per diluted share. This compares to first quarter 2021 net earnings of $91 million, or $0.35 per diluted share. The adjusted net earnings were $891 million, or $3.05 per diluted share, compared with $283 million, or $1.08 per diluted share during the year ago quarter, said the company press release.

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The flat-rolled segment earnings surged higher from $146 million a year before to $513 million in Q1 2022. The Mini Mill segment and U.S. Steel Europe segment earnings totalled $278 million and $264 million. Meantime, the Tubular segment flipped to earnings of $77 million, compared with loss of $29 million in the three-month period ended March 31, 2021. U.S. Steel generated free cash flow of over $400 million.

David B. Burrit, President and Chief Executive Officer, U.S. Steel noted that it expects the second quarter to be the company’s all-time best second quarter. The adjusted EBITDA is expected to expand significantly, primarily due to its balanced customer portfolio, raw materials integration and operating leverage.

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