On May 2, 2024, United States Steel Corporation, headquartered in Pittsburgh, Pennsylvania, released its financial results for the first quarter of 2024. The company reported net earnings of $171 million, or $0.68 per diluted share, and adjusted net earnings of $206 million, or $0.82 per diluted share. This performance marks a slight decrease from the first quarter of 2023, which had net earnings of $199 million, or $0.78 per diluted share, and adjusted net earnings of $195 million, or $0.77 per diluted share. The adjusted EBITDA for the first quarter of 2024 was $414 million, which includes an unfavorable inventory impact of approximately $10 million. The company's President and CEO, David B. Burritt, highlighted the diverse order book and efficient operations amidst changing market conditions, with notable EBITDA increases in the North American Flat...Show More

On May 2, 2024, United States Steel Corporation, headquartered in Pittsburgh, Pennsylvania, released its financial results for the first quarter of 2024. The company reported net earnings of $171 million, or $0.68 per diluted share, and adjusted net earnings of $206 million, or $0.82 per diluted share. This performance marks a slight decrease from the first quarter of 2023, which had net earnings of $199 million, or $0.78 per diluted share, and adjusted net earnings of $195 million, or $0.77 per diluted share. The adjusted EBITDA for the first quarter of 2024 was $414 million, which includes an unfavorable inventory impact of approximately $10 million. The company's President and CEO, David B. Burritt, highlighted the diverse order book and efficient operations amidst changing market conditions, with notable EBITDA increases in the North American Flat-Rolled and Mini Mill segments. The European segment outperformed expectations despite market challenges, while the Tubular segment maintained strong performance. United States Steel Corporation expects stronger results in the second quarter, projecting an adjusted EBITDA between $425 million to $475 million. The company also provided an update on its pending transaction with Nippon Steel Corporation, which is expected to close in the second half of 2024, subject to regulatory approvals. The report included detailed financial statements and operational statistics, such as net sales of $4,160 million and capital expenditures of $640 million for the quarter.