United States Steel Corporation reported net earnings of USD 119 mln for Q3 2024, a decrease from USD 299 mln in the same quarter last year.
U.S. Steel President and CEO David B. Burritt highlighted that the adjusted EBITDA for the third quarter was USD 319 mln, reflecting resilience despite weaker average selling prices across segments. The North American flat-rolled segment benefited from a strong commercial strategy that emphasized a diverse product mix and increased contracted volumes. The mini mill segment faced challenges from softening market prices but achieved an 11pct EBITDA margin after adjusting for USD 40 mln in one-time start-up costs. Additionally, U.S. Steel’s earnings included a one-time favorable adjustment related to CO2 allocations, which helped mitigate pressures from a difficult demand environment in Europe. Tubular earnings were weaker, as expected, due to lower benchmark prices.
Burritt also announced that the Big River 2 facility achieved first coil production, with customer shipments expected in Q4. The company has invested over USD 4 bln in capital, including the non-grain oriented electrical steel line and a dual galvalume/galvanized coating line.
Regarding the transaction with Nippon Steel Corporation, Burritt indicated progress towards closing by year-end.
For Q4, the company expects adjusted EBITDA between USD 225 mln and USD 275 mln, with a slight decline in North American flat-rolled results due to lower selling price expectations. An improvement in the mini mill segment is anticipated, despite USD 25 mln in start-up and construction costs at Big River, while European results are expected to be lower due to the lack of positive CO2 allocations and weak demand. The tubular segment is projected to remain consistent with Q3 results.
Established in 1901, U.S. Steel is a major steel producer with an annual raw steelmaking capability of 22.4 mln tons, headquartered in Pittsburgh, Pennsylvania, with operations spanning the United States and Central Europe.
