United States Steel Corporation reported third quarter 2021 net earnings of $2.002 billion, or $6.97 per diluted share. Adjusted net earnings were $1.543 billion, or $5.36 per diluted share. This compares to third quarter 2020 net loss of $234 million, or $1.06 per diluted share. Adjusted net loss for third quarter 2020 was $268 million, or $1.21 per diluted share.
“We continue setting records, including record net earnings, record EBITDA, record EBITDA margin, record liquidity, record safety, and record quality and reliability,” said U. S. Steel president and chief executive officer David B. Burritt. “Our balance sheet has been transformed and the cash flow generation of the business has us highly confident in our ability to pre-fund organic growth investments that will expand our existing competitive advantages. We are getting to our Best for All future faster.”
Commenting on the company’s strategy, Burritt continued, “It’s not either investing in our business or returning capital directly to stockholders, it’s both. Our future now includes a $300 million stock repurchase program and $0.05/share quarterly dividend to begin directly rewarding stockholders for the progress we have made so far. We are confident in the long term value our new, highly capable mini mill will create as it further expands our competitive advantage to produce sustainable and differentiated steel. We are getting better, not bigger, by building on our Mini Mill segment’s industry-leading performance to create a business model that will continue to reward stockholders into the future.”
Published in the December 2021 Edition
