Pittsburgh-based U.S. Steel Announced Third Quarter 2022 Results

SEATTLE (Scrap Monster): United States Steel Corporation (U.S. Steel) reported third quarter 2022 results.

The Pittsburgh-based steelmaker recorded net earnings of $490 million, or $1.85per diluted share, upon comparison with third quarter 2021 net earnings of $2,002 million, or $6.97 per diluted share. The adjusted net earnings for the quarter was $516 million, or$1.95 per diluted share, compared to $1,638 million, or $5.70 per diluted share during the same quarter a year before.

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The total steel shipments during the three-month period ended September 30, 2022 stood at 3.698 million net tons, marginally lower from 4.123 million net tons a year ago. The cumulative shipments during the initial nine months of the year totalled 11.573 million net tons, said the company news release.

Commenting on Q3 2022 results, David B. Burritt, President and Chief Executive Officer, U.S. Steel noted that the company delivered yet another solid quarter and is on track to achieve its second-best financial year and a third consecutive year of record safety performance. Demand headwinds coupled with higher raw material expenses and escalating energy costs impacted the Mini Mill and U. S. Steel Europe segments during the quarter. The company expects 40% completion of its strategic investments by the end of the current year, he added.