Chesterton Tribune

 

 

US Steel posts 1Q profit of $54 million

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By KEVIN NEVERS

U.S. Steel Corporation (USS) is reporting net earnings in the first quarter of 2019 of $54 million or 31 cents per diluted share, compared to $592 million or $3.34 in the fourth quarter and $18 million or cents in the year-ago period.

“Over the past few years, we have made strategic investments across our footprint, with a focus on our most critical flat-rolled steelmaking assets,” President and CEO David Burritt said in a statement released after deadline on Thursday. “Our progress continued in the first quarter as we delivered strong financial results. Today’s announcement of a state-of-the-art endless casting and rolling line at Valley Works further strengthens our competitive position and will generate long-term value for our stockholders, customers, employees, and community.”

In a separate statement released on Thursday, USS announced the construction of a $1-billion endless casting and rolling facility at its Edgar Thompson Plant in Braddock, Pa., and a cogeneration facility at its Clairton Plant in Clairton, Pa., both part of the company’s Mon Valley Works. “The cutting-edge casting and rolling technology combines thin slab-casting and hot-rolled band production into one continuous process and will make Mon Valley Works the first facility of this type in the United States and one of only a handful in the world,” the company said.

4Q Numbers

--Average realized price per net ton of flat-rolled: $798 ($823 4Q, $740 year-ago).

--Total USS and U.S. Steel Europe shipments: 3.99 million net tons (4.02 million 4Q, 3.84 million year-ago).

--Flat-rolled steel capability at U.S. facilities: 73 percent (78 percent 4Q, 66 percent year-ago).

--Raw flat-rolled steel production: 3.07 million net tons (3.33 million 4Q, 2.78 million year-ago).

--Flat-rolled capital expenditures: $247 million ($289 million 4Q, $176 million year-ago).

--Intersegment shipments of flat-rolled to tubular: 81,000 net tons (66,000 4Q, 67,000 year-ago).

--Net sales: $3.49 billion ($3.69 billion 4Q, $3.14 billion year-ago).

--Flat-rolled segment earnings: $95 million ($328 million 4Q, $33 million year-ago).

--U.S. Steel Europe segment earnings: $29 million ($62 million 4Q, $110 million year-ago).

--Tubular segment earnings: $10 million (loss of $3 million 4Q, loss of $27 million year-ago).

--Other business segment earnings: $8 million ($11 million 4Q, $11 million year-ago).

--Total segment earnings: $142 million ($398 million 4Q, $127 million year-ago).

 

 

Posted 5/3/2019

 
 
 
 

 

 

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