U.S. Steel Earns $1 Billion in Q2
By Metal Center News Staff
on Aug 3, 2021
U.S. Steel Corp., Pittsburgh, capitalized on record steel prices with a profitable second quarter. The steelmaker reported net earnings of $1 billion, a dramatic turnaround from the $589 million loss posted in the same quarter last year.
Net sales in the quarter totaled $5 billion, more than double the $2.1 billion reported in the same quarter of 2020, when the pandemic was shutting down many sectors. First-half net sales totaled $8.7 billion, a 79.5 percent increase.
“The second quarter was an exceptional quarter for U. S. Steel,” said U.S. Steel President and CEO David B. Burritt. “The enterprise delivered record adjusted EBITDA margins, highlighting the power of a combined integrated and minimill footprint.”
The company saw gains in both pricing and tons shipped in the quarter. In its flat-rolled segment, the company shipped 2.3 million tons in the quarter, an increase of 29.9 percent from 2020. Its average realized price per ton increased 49.5 percent to $1,078.
“We are bullish that today's strong market environment can continue. We look forward to setting new records in the third quarter and expect to achieve all-time best adjusted EBITDA for the quarter,” Burritt said.