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United States Steel Corporation reports third quarter 2019 results

Created: 11/13/2019
Author: -c-
Category: Hot stories

On October 31, 2019 United States Steel Corporation (NYSE: X) reported third quarter 2019 net loss of $(84) million, or $(0.49) per diluted share. Adjusted net loss was $(35) million, or $(0.21) per diluted share. This compares to third quarter 2018 net earnings of $291 million, or $1.62 per diluted share. Adjusted net earnings for third quarter 2018 were $321 million, or $1.79 per diluted share.

"The team delivered better than expected results from solid cost performance and higher than forecasted shipments in Flat-Rolled. While market headwinds persist, we continue to focus on what we can control, including re-scoping our asset revitalization investments and reducing fixed costs," commented President and Chief Executive Officer David B. Burritt. "We also completed three financing activities since the quarter ended, which delivered approximately $1.1 billion of incremental capital to further support our strategy."

Burritt added, “We are using today's market environment as a catalyst to improve our business model with our 'best of both' strategy. Our investment in Big River Steel is strategic priority number one and we are already purposefully re-prioritizing our uses of cash towards investments most closely aligned with the business we are becoming. We will be flexible managing the pace of our strategic investments to ensure we demonstrate the resiliency required to achieve the cost and capability differentiation of our world competitive strategy."


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