U.S. Steel Q2 Net Profit Slumped to $68 Million

SEATTLE (Scrap Monster): United States Steel Corporation reported financial results for second quarter of 2019.

The company reported net earnings of $68 million or $0.39 per diluted share in Q2 2019. This compares with the net earnings of $214 million or $1.20 per diluted share in second quarter last year. The adjusted net earnings were $78 million or $0.45 per diluted share, as compared with $262 million or $1.46 per diluted share a year before. Also, adjusted EBITDA totaled $278 million during the quarter.

Commenting on the results, David B. Burritt, President and Chief Executive Officer noted that the company reported strong execution during the quarter, despite challenging market conditions, including logistics headwinds on account of severe weather conditions. It also achieved on time and on budget upgrades to its Mon Valley steel shop during the quarter. These investments are expected to result in enhanced operating performance in future operations, he added.

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The company announced a dividend of $0.05 per share on U.S. Steel Common Stock, payable September 10, 2019 to all stockholders, as at close of business August 14, 2019.

U.S. Steel announced that Michael H. McGarry, the Chairman and Chief Executive Officer of PPG, has been elected to the company’s Board of Directors. Also, the company named Bryan Lewis-ex Pennsylvania State Employees’ Retirement System (SERS) Chief as Vice president and Chief Investment Officer and announced his induction into the company’s executive management team.