United States Steel Corporation reported second quarter net earnings of $183 million, or $0.72 per diluted share. This compares to second quarter 2023 net earnings of $477 million, or $1.89 per diluted share.
Net sales in Q2 2024 totaled $4.12 million, compared to $5.01 million in Q2 2023. Total steel shipments in the quarter reached 3.59 million net tons, compared to 3.97 million nt in the year-on-year quarter. Raw steel production for all segments totaled 3,894 nt in Q2, compared to 4,620 nt in Q2 2023. Raw steel capability utilization in Q2 reached 63 percent for flat-rolled, 88 percent for mini mill, 52 percent for tubular, and 79 percent for European operations. This compares to 77 percent, 91 percent, 57 percent, and 97 percent for Q2 2023.
Commenting on the Company’s second quarter performance, U. S. Steel President and Chief Executive Officer, David B. Burritt said, “We were pleased with our performance during the second quarter, as adjusted EBITDA of $443 million improved sequentially in spite of pricing headwinds that grew in the quarter across our operating segments. Most notable was better than forecasted results in our North American Flat-Rolled segment, in large part from enhanced product mix and cost management that kept earnings resilient in a dynamic market. Our Mini Mill segment performed well, delivering 17 percent EBITDA margin when adjusting for $30 million in one-time start-up costs for strategic projects. Both Tubular and USSE performed as expected in the second quarter.”
The company expects its EBITDA for the third quarter to be in the range of $275-325 million as recent pricing dynamics continue to impact its business. In addition, US Steel’s Big River 2 project is scheduled to be commissioned in the fourth quarter.