U.S. Steel Swung to Profit During Q2 This Year

SEATTLE (Scrap Monster): United States Steel Corporation (U.S. Steel) reported second quarter 2021 results.

The company reported net earnings of $1,012 million or $3.53 per diluted share, compared to net loss of $589 million or $3.36 per diluted share. The adjusted net earnings stood at $964 million or $3.37 per dilute share. This compares with adjusted net loss of $469 million or $2.67 per diluted share in the second quarter 2020.

For the six-month period ended June 30, 2021, U.S. Steel posted net earnings of $1,103 million or $4.02 per diluted share. The adjusted net earnings were $1,247 million or $4.54 per diluted share.

U.S. Steel recorded liquidity of $4.176 billion, including cash of $1.329 billion as at the end of the second quarter. The company announced up to $1 billion of additional debt reduction over the next one-year period. This is apart from the already committed $2.2 billion debt reduction program.

David B. Burritt, President and CEO, U.S. Steel noted that the second quarter was an exceptional quarter for the company. It expects strong market environment to continue so as to set new records in Q3 this year by achieving the all-time best adjusted EBITDA for the quarter. Burritt thanked all its employees for their hard work in helping the company deliver exemplary quarterly results.

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