Fri, Aug 2, 1:36 PM (88 days ago)
United States Steel Corporation's (U. S. Steel) 10-Q for Q2 2024 highlights a sequential improvement in earnings despite commercial price headwinds across segments. Revenue for the quarter was $4.118 billion, down 18% year-over-year, with declines across all segments. Net earnings attributable to U. S. Steel were $183 million, a significant drop from $477 million in Q2 2023. The Flat-Rolled segment saw a decrease due to lower sales volumes and prices. The Mini Mill segment faced lower prices and volumes, while USSE and Tubular segments were impacted by reduced sales prices and volumes. Operating expenses decreased, but restructuring and strategic review costs increased. Cash flow from operations was $446 million, down from $894 million in the prior year, primarily due to lower earnings and working capital changes. Capital expenditures were $1.271 billion, mainly for strategic projects. The company maintains strong liquidity with $2.031 billion in cash and $4.259 billion in total liquidity. Future performance may be impacted by market conditions, raw material price fluctuations, and ongoing strategic initiatives.