Corporation (USS) is reporting net earnings of $147 million or 83 cents per
diluted share, compared to $51 million or 32 cents in the year-ago period.
“Our third quarter
results were modestly better than we expected, with stable operating
performance at each of our segments and our tubular segment producing
positive EBITDA in the quarter,” USS President and CEO Dave Burritt said in
a statement released on Tuesday. “Our results for the first nine months of
2017 improved over the first nine months of 2016, with all three of our
segments improving compared with 2016.”
“We remain focused
on our operations, revitalizing our assets, and developing our talent,”
Burritt said. “We are seeing improvements in the assets in which we are
investing. This increases our confidence that we will achieve the 2020
improvement targets we have disclosed. We believe the attention to our
assets and employees, with continued focus on improving safety, quality,
delivery, and cost, will result in improved operating reliability and enable
us to remain a strong business partner for our customers.”
projectingÑ“if market conditions remain at current levels” 2017 net earnings
of approximately $233 million or $1.83 per share, 2017 adjusted net earnings
of $300 million or $1.70 per share, and consolidated adjusted EBITA
(earnings before interest, income taxes, depreciation, and amortization) of
3Q Segment Earnings
Before Interest, Income Taxes
* Flat-rolled: $160
million ($114 million in year-ago).
* U.S. Steel Europe
(USSE): $73 million ($81 million in year-ago).
* Tubular: loss of
$7 million (loss of $75 million in year-ago).
* Other businesses:
$12 million ($18 million in year-ago).
More 3Q Numbers
* Average realized
price per net ton of flat-rolled: $728 ($718 in year-ago).
* Total USS and
USSE shipments: 3.79 million net tons (3.74 million in year-ago).
* Flat-rolled steel
capability at U.S. facilities: 66 percent (64 percent in year-ago).
* Raw flat-rolled
steel production at U.S. facilities: 2.82 million net tons (2.73 million in
capital expenditures: $134 million ($23 million in year-ago).
* Net sales: $3.24
billion ($2.68 billion in year-ago).