United States Steel Corporation (NYSE: X) reported on July 30, 2020 second quarter 2020 net loss of $589 million. This compares to second quarter 2019 net earnings of $68 million.
Segment U. S. Steel Europe reported second quarter 2020 loss before interest and income of $26 million. This compares to second quarter 2019 loss before interest and income of $10 million. Segment U. S. Steel Europe reported six months 2020 loss before interest and income of $40 million. This compares to six months 2019 earnings before interest and income of $19 million. Segment U. S. Steel Europe reported second quarter capital expenditures of $14 million and raw steel capability utilization of 52 %.
Commenting on results, U. S. Steel President and Chief Executive Officer David B. Burritt said: “We are encouraged by the recovery in market conditions as automotive original equipment manufacturers (OEMs) are nearing normalized production levels, and healthy order activity has continued into the third quarter. Construction demand is exceeding our expectations and is expected to remain robust, particularly for value-added construction products. To ensure we continue to serve our customers, we restarted two blast furnaces to quickly respond to increasing activity, and we plan to restart an additional furnace at Gary Works on August 1. In Europe, demand is beginning to recover, in line with the re-opening of the European continent.”
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