Summary by Moomoo AI
U.S. Steel reported Q2 2024 net earnings of $183 million, down from $477 million in Q2 2023, as net sales declined 18% to $4.12 billion. The decrease was primarily driven by lower average realized prices and reduced shipment volumes across all segments. Operating earnings before interest and taxes fell 68% to $181 million, while gross margin contracted across most business units.The Flat-Rolled segment saw earnings drop 21% to $183 million on 9% lower shipments and 3% lower prices. Mini Mill earnings fell 79% to $28 million due to 14% lower prices, while USSE posted a $10 million loss as shipments dropped 15%. The Tubular segment's earnings declined 82% to $29 million amid a 40% price decrease. The company maintained strong liquidity of $4.26 billion, including $2.03 billion in cash.The company continues to advance its strategic projects, with Big River 2 construction expected to complete in Q4 2024 at a total cost of approximately $3.35 billion. The pending merger with Nippon Steel Corporation remains on track to close in second half 2024, having received stockholder approval and all required non-U.S. regulatory clearances while awaiting U.S. regulatory approvals.
