United States Steel Corporation (U.S. Steel) reported a challenging third quarter in 2024, with net sales declining across all segments compared to the same period in 2023. The North American Flat-Rolled, Mini Mill, U.S. Steel Europe (USSE), and Tubular segments all experienced decreases in sales, primarily due to lower average realized prices and shipment volumes. The company's total net sales for the quarter were $3,853 million, a 13% decrease from $4,431 million in the previous year. The Flat-Rolled segment's earnings before interest and taxes (EBIT) dropped by 53% to $106 million, while the Mini Mill segment saw a significant decline from $42 million to a loss of $28 million. USSE's EBIT improved to $7 million from a loss of $13 million, but Tubular's...Show More

United States Steel Corporation (U.S. Steel) reported a challenging third quarter in 2024, with net sales declining across all segments compared to the same period in 2023. The North American Flat-Rolled, Mini Mill, U.S. Steel Europe (USSE), and Tubular segments all experienced decreases in sales, primarily due to lower average realized prices and shipment volumes. The company's total net sales for the quarter were $3,853 million, a 13% decrease from $4,431 million in the previous year. The Flat-Rolled segment's earnings before interest and taxes (EBIT) dropped by 53% to $106 million, while the Mini Mill segment saw a significant decline from $42 million to a loss of $28 million. USSE's EBIT improved to $7 million from a loss of $13 million, but Tubular's earnings fell sharply from $87 million to a loss of $4 million. U.S. Steel's capital commitments for property, plant, and equipment acquisition totaled $830 million as of September 30, 2024. The company's liquidity remained strong, with $1,773 million in cash and cash equivalents and a total estimated liquidity of $4,052 million. Despite the financial downturn, U.S. Steel continued to advance its strategic initiatives, including the construction of Big River 2 (BR2) near Osceola, Arkansas, with the first coil achieved in October 2024 and shipments to customers expected to begin in the fourth quarter. The company anticipates a total capital spend of approximately $3.6 billion for BR2 and expects 2024 capital spending to be $2.3 billion. U.S. Steel also received various grants and payments, including $82 million from the sale of future tax credits and a $50 million grant from the State of Arkansas Quick Action Closing Fund, which will be recognized systematically over time. The company is also navigating a pending merger, with stockholder approval obtained and regulatory approvals outside the United States received. The merger is expected to close in the fourth quarter of 2024, subject to customary closing conditions.