The integrated steel company United States Steel Corporation (US Steel), headquartered in Pittsburgh, has reported its results for the third quarter of 2020. The company accumulated more losses during the quarter as tariffs failed to revive the fortune. This is the fifth consecutive quarter of losses for the steel company.
The company reported a net loss of $ 234 million, or $ 1.06 per diluted share for the quarter. By comparison, a net loss in the third quarter of 2019 was $ 84 million, or $ 0.49 per diluted share. Adjusted net loss was $ 268 million, or $ 1.21 per diluted share in the third quarter of this year, compared with a net loss of $ 35 million, or $ 0.21 per diluted share, in the corresponding quarter a year earlier. Sales in the latest quarter fell 24% from $ 3.1 billion a year earlier to $ 2.3 billion.
David B. Berritt, President and CEO of US Steel, noted that the team continued to operate with an unwavering commitment to safety. According to him, quarterly results exceeded forecast indicators, demonstrating the effectiveness of the actions taken by him to address the consequences of Covid-19.
The company reported a significant improvement in its flat products segment. US Steel Europe also reported positive EBITDA and operating cash flow of $ 213 million. US Steel also expects to receive positive adjusted EBITDA in the fourth quarter.