U.S. Steel Swings Back to Profit in First Quarter 2021

SEATTLE (Scrap Monster): Pittsburgh, Pennsylvania-based integrated steelmaker United States Steel Corporation (U.S. Steel), with world-class operations across the United States and in Central Europe, reported results for the initial quarter of the current year.

According to company press release, it posted net earnings of $91 million, or $0.35 per diluted share during the three-month period. This compares with net loss of $391 million, or $2.30 per diluted share during the corresponding quarter a year before. The adjusted net earnings stood at $283 million, or $1.08 per diluted share, compared with adjusted net loss of $123 million, or $0.73 per diluted share in Q1 2020.

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The company announced its decision to pay a dividend of $0.01 per share of U. S. Steel Common Stock. This will be payable to to stockholders of record at the close of business on Monday, May 10, 2021 on Wednesday, June 9, 2021.

Commenting on the results, David B. Burritt, President and Chief Executive Officer, U.S. Steel noted that the first quarter performance confirms the company’s optimism in the strength of its business. It has significantly benefited from timely acquisition of the remaining stake in Big River Steel. The company expects strong cash flow, backed by robust market conditions and disciplined capital allocation, he added.