U.S. Steel Q2 Loss Highlights Need for “Best of Both” Strategy

“Second-quarter results are a reminder of why we have to change,” said U.S. Steel President and CEO David Burritt, during his quarterly conference. The second quarter marked the trough of a challenging year, he said, as U.S. Steel remains focused on its “best of both” strategy, which includes the acquisition of EAF mill Big River Steel as well as completion of the Fairfield EAF and other projects that will allow the company to become more flexible, efficient and profitable when the market hits the bottom.

U.S. Steel’s net sales fell to $2.09 billion during the quarter as operating losses were recorded in each of its operating segments due to pandemic-related shutdowns and diminishing demand. Shipments totaled 1.8 million tons with an average selling price of $721 per ton. The company posted a net loss of $589 million, but still exceeded its second-quarter guidance.