Corporation (USS) is reporting net earnings in the second quarter of 2019 of
$68 million or 39 cents per diluted share, compared to net earnings of $54
million or 31 cents in the first quarter and net earnings of $214 million or
$1.20 in the year-ago period.
“Our execution in
the second quarter was strong despite challenging market conditions,” USS
President and CEO David Burritt said in a statement released after deadline
on Thursday. “We overcame logistics headwinds from severe weather and
delivered for our customers, exceeding even our own expectations. We also
completed several asset revitalization outages across the flat-rolled
footprint on time and on budget, including upgrades to our Mon Valley steel
shop. We expect these investments to enhance operating performance and
reliability to provide high-quality, low-cost liquid steel for our future
endless casting and rolling investment.”
“Execution of our
technology investments, including the Mon Valley endless casting and rolling
line, tubular electric arc furnace, and USSK Dynamo line, are on track to
deliver almost $400 million of incremental run-rate EBITDA benefits when
completed,” Burritt added. “With each passing quarter, we are making the
company more competitive and our continued execution is proof that our
strategy is working.”
price per net ton of flat-rolled: $779 ($798 1Q, $819 year-ago).
--Total USS and
U.S. Steel Europe shipments: 4.00 million net tons (3.99 million 1Q, 3.94
capability at U.S. facilities: 70 percent (73 percent 1Q, 67 percent
steel production: 2.98 million net tons (3.07 million 1Q, 2.84 million
capital expenditures: $254 million ($247 million 1Q, $142 million year-ago).
shipments of flat-rolled to tubular: 52,000 net tons (81,000 net tons 1Q,
65,000 net tons year-ago).
--Net sales: $3.54
billion ($3.49 billion 1Q, $3.60 billion year-ago).
segment earnings: $134 million ($95 million 1Q, $224 million year-ago).
segment loss: $10 million ($29 million earnings 1Q, $115 million earnings
loss: $6 million ($10 million earnings 1Q, $35 million loss year ago).
segment earnings: $10 million ($8 million 1Q, $17 million year-ago).
earnings before interest and income taxes: $128 million ($142 million 1Q,
$321 million year-ago).