US Steel returns to profit

United States Steel Corporation (US Steel), an integrated steel company based in Pittsburgh, Pennsylvania, with world-class operations in the United States and Central Europe, has released its first quarter results this year.

According to the company's press release, the company's net income for the three-month period was $ 91 million, or $ 0.35 per diluted share. By comparison, a net loss of $ 391 million, or $ 2.30 per diluted share, in the corresponding quarter a year earlier. Adjusted net income was $ 283 million, or $ 1.08 per diluted share, compared to an adjusted net loss of $ 123 million, or $ 0.73 per diluted share in the first quarter of 2020.

The company announced its decision to pay a dividend of $ 0.01 per share of US Steel Common Stock. This amount will be paid to registered shareholders at the close of business on Monday 10 May 2021 and Wednesday 9 June 2021.

Commenting on the results, David B. Berritt, President and CEO of US Steel, said the first quarter results confirm the company's optimism about the sustainability of its business. He benefited significantly from the timely acquisition of the remaining stake in Big River Steel. According to him, the company expects significant cash flow, supported by stable market conditions and disciplined capital allocation.