Chesterton Tribune

 

 

USS reports 3Q net earnings of $147 million

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By KEVIN NEVERS

U.S. Steel 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.”

Outlook

“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.”

USS is 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 $1.075 billion.

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 year-ago).

* Flat-rolled capital expenditures: $134 million ($23 million in year-ago).

* Net sales: $3.24 billion ($2.68 billion in year-ago).

 

Posted 11/1/2017

 
 
 
 

 

 

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