US Steel reports $91 million in net earnings for Q1

US Steel reports $91 million in net earnings for Q1

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US Steel Corporation reported first quarter 2021 net earnings of $91 million, compared to a first quarter 2020 net loss of $391 million. Net sales for Q1 totaled $3.66 billion, compared to $2.75 billion in Q1 2020.

Total steel shipments in Q1 totaled 3.9 million, compared to 3.5 million in Q1 2020. Raw steel production in the quarter totaled 4.4 million tons, compared to 4.0 million in Q1 2020. Raw steel capacity utilization in Q1 2021 totaled 62 percent for flat rolled, compared to 74 percent in Q1 2020.

“Our optimism in the strength of our business is clearly confirmed in our first quarter performance,” said US Steel President and Chief Executive Officer David B. Burritt. “Our first quarter adjusted EBITDA of $551 million reflects robust customer demand and purposeful management actions that are delivering strong results. We are benefiting from our well-timed acquisition of the remaining stake in Big River Steel which delivered 32 percent EBITDA margins and drove an approximately 300 basis point contribution to enterprise adjusted EBITDA margin in the quarter. A strong market and our disciplined approach to capital allocation position us well to translate earnings into cash flow.”

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