US Steel posted a net loss in Q1 2020

Pittsburgh-based United States Steel Corporation (US Steel) reported a net loss of $ 391 million, or $ 2.30 per diluted share, in the first quarter of this year. This compares to net income of $ 54 million or $ 0.31 per diluted share in the corresponding quarter last year.

The company reported an adjusted net loss of $ 123 million, or $ 0.73 per share, compared with an adjusted net income of $ 81 million, or $ 0.47 per diluted share. US Steel reported Adjusted EBITDA of $ 64 million. As of the end of the first quarter of the year, the company reported liquidity of $ 1.82 billion, including $ 1.35 billion.

US Steel provided Stelco Inc. Opportunity to acquire a 25% stake in Minntac iron ore company for a total purchase price of $ 600 million. US Steel announced that it received $ 20 million after signing an option agreement. An additional $ 80 million will be paid during the remainder of 2020. USA. An additional amount of $ 500 million. The United States will be paid to acquire a 25% interest in a new joint venture for cost sharing.

David B. Berritt, president and chief executive officer of US Steel, said decisive action to correct its tracks in response to unprecedented market dynamics helped the company beat its first quarter forecasts. He also noted that the immediate task of the company is to preserve cash and liquidity, as well as to ensure the safety and health of its employees.