United States Steel Corporation reported third quarter 2024 net earnings of $119 million, or $0.48 per diluted share. Adjusted net earnings were $140 million, or $0.56 per diluted share. This compares to third quarter 2023 net earnings of $299 million, or $1.20 per diluted share. Adjusted net earnings for the third quarter 2023 was $350 million, or $1.40 per diluted share.
Commenting on the company’s third quarter performance, U. S. Steel president and chief executive officer, David B. Burritt said, “Third quarter adjusted EBITDA of $319 million demonstrated resilience in our business model despite the weaker average selling prices experienced across our operating segments. The North American flat-rolled segment continued to benefit from a strong commercial strategy that leveraged a diverse product mix and a purposeful increase in contracted volumes across the end markets we serve. Our mini mill segment, which was impacted by softening market pricing, delivered 11 percent EBITDA margins when adjusting for $40 million in one-time start-up costs for strategic projects. USSE earnings benefited from a one-time favorable adjustment related to CO2 allocations, which offset pressures from a challenging demand environment in Europe. Tubular earnings were weaker in the third quarter, as expected, reflecting lower benchmark prices.”
Q4 2024 Outlook
The company expects fourth quarter adjusted EBITDA in the range of $225 million and $275 million. Their North American flat-rolled segment results should decrease slightly, driven largely by lower lagging average selling price expectations for the quarter. They expect an improvement in mini mill segment results, even after accounting for $25 million of related start-up and one-time construction costs at BR2, reflecting an expected improvement in average selling prices.