PITTSBURGH, August 1, 2018 – United States Steel Corporation reported second quarter 2018 net earnings of $214 million. Adjusted net earnings were $262 million. This compares to second quarter 2017 net earnings of $261 million. Adjusted net earnings for second quarter 2017 were $189 million.
Commenting on U. S. Steel's results, President and Chief Executive Officer David B. Burritt said, "In the second quarter, our team performed well by responding quickly to customer demand. We restarted steelmaking at Granite City ahead of schedule and safely ramped up production and shipments faster than planned. In addition, a very strong shipping performance in late June enabled us to deliver higher than expected earnings."
U. S. Steel Europe segment earnings before interest and income taxes for the second quarter 2018 were $115 million, capital expenditures achieved $17 million and raw steel capability utilization was 105%.
Commenting on U. S. Steel’s guidance for 2018, Burritt said, "The success to date of our ongoing $2 billion asset revitalization program, as well as our earnings power in the current market, makes us increasingly optimistic about future investments that will drive long-term profitable growth.”
We currently expect that third quarter 2018 adjusted EBITDA will be approximately $525 million. We expect our Flat-rolled segment results to continue to improve as more of our adjustable contract and spot shipments realize the benefit of second quarter increases in index prices, partially offset by higher planned outage costs. We expect results for our Tubular segment to turn positive as selling price increases catch up to the rising substrate costs we saw in the first half of the year. We expect results for our European segment to be lower in the third quarter, primarily due to planned outages that coincide with normal seasonal customer demand patterns.
Based on our progress to date, we are increasing full-year 2018 adjusted EBITDA guidance to approximately $1.85 - $1.90 billion.
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