Steel Mills
October 30, 2020
U.S. Steel Narrows Loss, Focuses on Best of Both Strategy
Written by Sandy Williams
U.S. Steel narrowed its loss to $234 million in the third quarter from a net loss of $589 million in the second quarter. Net sales increased to $2.34 billion from $2.09 billion.
“Our third-quarter results exceeded our guidance and demonstrated the power of the actions we have taken since the onset of COVID-19 with dramatically improved results in our flat-rolled segment, positive EBITDA in U.S. Steel Europe, and cash from operations of $213 million. We expect to generate positive adjusted EBITDA in the fourth quarter with excitement about our ‘Best of Both’ future,” said U.S. Steel President and CEO David Burritt.
