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United States Steel Corporation reports third quarter 2020 results
           



Created: 11/12/2020
Author: -c-
Category: 16/2020

On October 29, 2020 United States Steel Corporation reported third quarter 2020 net loss of $234 million. Adjusted net loss was $268 million. This compares to third quarter 2019 net loss of $84 million and adjusted net loss of $35 million.

Segment U. S. Steel Europe reported third quarter 2020 earnings before interest and income of $13 million. This compares to third quarter 2019 loss before interest and income of $46 million. Segment U. S. Steel Europe reported nine months 2020 loss before interest and income of $27 million.  This compares to nine months 2019 loss before interest and income of $27 million. Segment U. S. Steel Europe reported third quarter 2020 capital expenditures of $16 million and raw steel capability utilization of 69 %.

“In the third quarter, the U. S. Steel team continued to execute with an unwavering commitment to safety as the market recovery took hold,” said U. S. Steel President and Chief Executive Officer David B. Burritt. “Our third quarter results exceeded our guidance and demonstrated the power of the actions we have taken since the onset of COVID-19 with dramatically improved results in our Flat-rolled segment, positive EBITDA in U. S. Steel Europe, and cash from operations of $213 million. We expect to generate positive adjusted EBITDA in the fourth quarter with excitement about our ‘Best of Both’ future.”

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