Steel Mills

US Steel Narrows Losses

Written by Sandy Williams

US Steel reported a net loss of $18 million in the second quarter, performing better than expected and narrowing losses. Net sales were $4.4 billion as compared to $4.448 billion in first quarter. Total steel shipments were 5.029 million tons, down from 5.124 million tons in the previous quarter.

Flat rolled shipments were 3.527 million tons as compared to 3.674 million tons in Q1. Tubular shipments were up slightly to 449,000 tons from 419,000 tons.

Extraordinary weather conditions impacting operations, higher repairs and maintenance and transportation issues contributed to the decrease in the flat rolled segment in second quarter. Higher market prices helped maintain sales for the quarter.

As of June 30, US Steel cash was $1.6 billion with $3.2 billion of total liquidity.

CEO Mario Longhi said he expects “significantly” higher results for third quarter. The Company’s earnings conference call will be be held at 8:30 am ET on Wednesday.

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