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United States Steel | 10-Q: Q1 2024 Earnings Report

SEC ·  May 3 11:56

Summary by Moomoo AI

United States Steel Corporation (U.S. Steel) reported a mixed financial performance for the first quarter of 2024. The company's net sales decreased by 7% year-on-year, from $4,470 million in Q1 2023 to $4,160 million in Q1 2024. The North American Flat-Rolled, Mini Mill, and U.S. Steel Europe segments showed improved results, while the Tubular segment experienced a decline, primarily due to lower sales price and volume. Operating expenses increased, with selling, general, and administrative expenses rising to $119 million from $99 million in the previous year. The company recognized restructuring and other charges of $6 million, up from $1 million in Q1 2023. U.S. Steel's earnings before interest and taxes (EBIT) for the quarter were $154 million, a 19% decrease from $189 million in the same period last year...Show More
United States Steel Corporation (U.S. Steel) reported a mixed financial performance for the first quarter of 2024. The company's net sales decreased by 7% year-on-year, from $4,470 million in Q1 2023 to $4,160 million in Q1 2024. The North American Flat-Rolled, Mini Mill, and U.S. Steel Europe segments showed improved results, while the Tubular segment experienced a decline, primarily due to lower sales price and volume. Operating expenses increased, with selling, general, and administrative expenses rising to $119 million from $99 million in the previous year. The company recognized restructuring and other charges of $6 million, up from $1 million in Q1 2023. U.S. Steel's earnings before interest and taxes (EBIT) for the quarter were $154 million, a 19% decrease from $189 million in the same period last year. In terms of business development, U.S. Steel continued to advance its 'Best for All' strategy, with significant progress on construction projects such as Big River 2 and a new coating line at Big River Steel. The company also received financial incentives, including a $50 million grant from the State of Arkansas and a $3 million grant from Mississippi County, Arkansas, for qualifying project costs. Looking ahead, U.S. Steel expects the pending merger with an unnamed purchaser to be completed in the second half of 2024, subject to regulatory approvals and customary closing conditions. The merger has already received stockholder approval and is awaiting regulatory clearances in the European Union, Mexico, and Slovakia. The company anticipates that the merger will bring significant changes to its operations and financial structure. Capital commitments for property, plant, and equipment acquisitions stood at $1.269 billion as of March 31, 2024. U.S. Steel ended the quarter with $2,221 million in cash and cash equivalents and a total liquidity of $4,495 million.

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