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.
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
capability at U.S. facilities: 73 percent (78 percent 4Q, 66 percent
steel production: 3.07 million net tons (3.33 million 4Q, 2.78 million
capital expenditures: $247 million ($289 million 4Q, $176 million year-ago).
shipments of flat-rolled to tubular: 81,000 net tons (66,000 4Q, 67,000
--Net sales: $3.49
billion ($3.69 billion 4Q, $3.14 billion year-ago).
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).
earnings: $10 million (loss of $3 million 4Q, loss of $27 million year-ago).
segment earnings: $8 million ($11 million 4Q, $11 million year-ago).
earnings: $142 million ($398 million 4Q, $127 million year-ago).