Nov. 8, 2017
 
U.S. Steel Reports $147 Million Income in 3Q

United States Steel Corp., Pittsburgh, reported net income of $147 million during the company’s third quarter, an almost three-fold increase from the same quarter in 2016. For the year to date, U.S. Steel’s net income of $460 million is a turnaround from the $101 million in losses posted through nine months of the prior year.

Third-quarter net sales totaled $3.25 billion, a 20.1 percent increase from 2016. Year-to-date sales of $9.12 billion were up 19.7 percent from the previous year.

“Our third-quarter results were modestly better than we expected, with stable operating performance at each of our segments and our Tubular segment producing positive EBITDA in the quarter. Our results for the first nine months of 2017 improved over the first nine months of 2016, with all three of our segments improving compared with 2016,” said President and CEO Dave Burritt.

In addition to the increased focus on our operations, U.S. Steel continued to work on the next generation of steel products for customers, with an eye toward superior formability and high-strength properties while using a low-alloyed approach for robust weldability.

To expand the capabilities in Generation 3 steels, U.S. Steel has announced a new continuous galvanizing line to be constructed at the PRO-TEC Coating Company joint venture, which will allow PRO-TEC to produce these Generation 3 steels with a hot-dipped zinc coating. This line will be the first of its kind and utilizes proprietary technology capable of producing the advanced high-strength steels that will meet automotive customers’ needs and solve some of their most pressing challenges.

"We remain focused on our operations, revitalizing our assets, and developing our talent. We are seeing operating improvements in the assets in which we are investing. This increases our confidence that we will achieve the 2020 improvement targets we have disclosed,"
Burritt said.

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Monday, November 20, 2017