U.S. Steel Reported Net Loss of $642 Million

SEATTLE (Scrap Monster): Pittsburgh-based U.S. Steel noted that 2019 was a year of notable strategic progress for the company. It achieved $75 million of run-rate fixed cost reductions. Further, it raised $1.1 billion of incremental capital. Also, the company announced its decision to adjust its 2020 capital spending by continuing to prioritize on strategic investments.

U.S. Steel reported net loss of $642 million or $3.75 per diluted share in 2019. The adjusted net earnings for the year totalled $15 million or $0.09 per diluted share. The company reported full-year 2019 adjusted EBITDA of $711 million. In Q4 ’19, it reported net loss of $680 million. The adjusted net loss for the quarter was $109 million or $0.64 per diluted share. Also, Q4 ’19 adjusted EBITDA stood at $4 million.

Commenting on the result, David B. Burritt, President and Chief Executive Officer, U.S. Steel noted that the company is pleased to deliver better-than-expected results to end the year. U.S. Steel will continue to transition its business towards a better future, he said. Q1 2020 is expected to be the trough for the year. The company expects to complete the strategic electric arc furnace project at Tubular and the XG3 AHSS investment at its PRO-TEC joint venture during 2020, he added.

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