The Pittsburgh-headquartered United Steel Corporation (US Steel) reported a net loss of $ 589 million, or $ 3.36 per share, during the second quarter of 2020. Adjusted net loss was $ 469 million, or $ 2.67 per share. This is compared to the second quarter of 2019, net income of $ 68 million, or $ 0.39 per share.
Adjusted net income for Q2 2019 was $ 78 million, or $ 0.45 per share. Liquidity was $ 2.662 billion at the end of the second quarter of this year.
US Steel exceeded its forecasts for the second quarter due to a significant acceleration in flat steel shipments in North America in the second half of June. The company reported higher-than-expected production efficiencies and cost recovery from its mines and steel mills. However, the Covid-19 pandemic has left much of its steel operations idling, which in turn affected the second quarter results.
Commenting on the results, David B. Burritt, President and CEO, US Steel saw a recovery in market conditions as many producers began to return to normalized production levels. The demand for construction also began to recover. As a result of the increased demand, the company relaunched two blast furnaces. She relaunched another oven at Gary Works on August 1, he added.
US Steel posts net loss in Q2 2020 report
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Azovpromstal® 3 August 2020 г. 12:36 |
