US Steel posts $391 million net loss in Q1

US Steel posts $391 million net loss in Q1

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US Steel Corp. reported a first quarter 2020 net loss of $391 million, compared first quarter 2019 net earnings of $54 million. Net revenue in Q1 totaled $2.75 billion, compared to $3.49 billion in Q1 2019.

Steel shipments in Q1 2020 totaled 3.49 million tons, compared to 3.99 million tons in Q1 2019.

President and Chief Executive Officer David B. Burritt commented, “Market activity was beginning to improve prior to the emergence of COVID-19 and the sudden changes in global oil and gas markets.  As the impacts from these unprecedented market dynamics became apparent, we adjusted our footprint, fortified our balance sheet and aggressively cut costs.  While these decisive actions helped us exceed our first quarter guidance, we have quickly turned our attention to the second quarter to not only ensure the safety and health of our employees but also to preserve cash and liquidity.”

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