Steel Mills
U.S. Steel Reports $2 Billion in Q3 Earnings
Written by Tim Triplett
October 28, 2021
United States Steel Corp. today reported third-quarter 2021 net earnings of $2.0 billion on sales totaling $5.964 billion. That’s a huge jump from the net loss of $234 million on sales of $2.34 billion in the same quarter last year.
“We continue setting records, including record net earnings, record EBITDA, record EBITDA margin, record liquidity, record safety, and record quality and reliability,” said U.S. Steel President and CEO David B. Burritt. “Our balance sheet has been transformed and the cash flow generation of the business has us highly confident in our ability to pre-fund organic growth investments that will expand our existing competitive advantages. We are getting to our ‘Best for All’ future faster.”
Commenting on the company’s strategy, Burritt continued, “It’s not either investing in our business or returning capital directly to stockholders, it’s both. Our future now includes a $300 million stock repurchase program and $0.05/share quarterly dividend to begin directly rewarding stockholders for the progress we have made so far.”
The Pittsburgh-based integrated steelmaker attributes some of its success to Big River Steel, the electric arc furnace minimill it now owns in Osceola, Ark. “We are confident in the long-term value our new, highly capable minimill will create as it further expands our competitive advantage to produce sustainable and differentiated steel,” Burritt said. “We are getting better, not bigger, by building on our minimill segment’s industry-leading performance to create a business model that will continue to reward stockholders into the future.”
Tim Triplett
Read more from Tim TriplettLatest in Steel Mills
U.S. Steel sues Algoma over iron pellet shipments
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.
August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.
TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.
Metallus, USW agree to tentative four-year labor deal
Metallus and the United Steelworkers (USW) have agreed to a tentative four-year labor contract.
ArcelorMittal Dofasco resumes cokemaking after emergency maintenance
The Canadian steelmaker reported on Sept. 30 that “urgent maintenance” was needed in its coke plant off-gas systems. The work required coke oven gas from the No. 2 coke plant to be flared for most of that week.