U.S. Steel Reports Q1 Profit
By Metal Center News Staff
on Apr 30, 2018
U.S. Steel, Pittsburgh, reported net earnings of $18 million in the first quarter, a reversal of the $180 million loss posted in the same quarter of 2017. The steelmaker’s net sales increased 15.5 percent to $3.1 billion in the quarter.
"Our performance was significantly better than the first quarter of 2017, with improved results for all three of our reportable segments enabling four consecutive quarters of more predictable EBITDA,” said President and CEO David B. Burritt said. “In spite of operational issues related to weather and ongoing challenges with assets not yet revitalized, the first quarter of 2018 was in line with our expectations."
Steel shipments increased in all three of the company’s segments. Domestically, flat-rolled shipments were up 5.4 percent to 2.5 million tons, while tubular shipments climbed 24.3 percent to 179,000 tons.
"We are beginning the second year of our asset revitalization program, and we are already seeing benefits from the investments. We remain focused on managing operating volatility to ensure we take care of our customers, and the restart of steelmaking at Granite City will increase our ability to do so,” Burnett said.