• Net earnings of $68 million, or $0.39 per diluted share
• Adjusted net earnings of $78 million, or $0.45 per diluted share
• Adjusted EBITDA of $278 million
PITTSBURGH, August 1, 2019 –United States Steel Corporation (NYSE: X) reported second quarter 2019 net earnings of $68 million, or $0.39 per diluted share. Adjusted net earnings were $78 million, or $0.45 per diluted share. This compares to second quarter 2018 net earnings of $214 million, or $1.20 per diluted share. Adjusted net earnings for second quarter 2018 were $262 million, or $1.46 per diluted share.
"Our execution in the second quarter was strong despite challenging market conditions,” commented President and Chief Executive Officer David B. Burritt. “We overcame logistics headwinds from severe weather and delivered for our customers, exceeding even our own expectations. We also completed several Asset Revitalization outages across the flat-rolled footprint on time and on budget, including upgrades to our Mon Valley steel shop. We expect these investments to enhance operating performance and reliability to provide high quality, low cost liquid steel for our future endless casting and rolling investment."
Burritt added, “Execution of our technology investments, including the Mon Valley endless casting and rolling line, Tubular electric arc furnace, and USSK Dynamo Line, are on track to deliver almost $400 million of incremental run-rate EBITDA benefits when completed. With each passing quarter, we are making the company more competitive and our continued execution is proof that our strategy is working.”
Segment U. S. Steel Europe reported second quarter loss before interest and income taxes of 10 mil. USD. Capital expenditures amounted to 41 mil. USD and raw steel capability utilization was 92 percent.