U.S. Steel reports earnings, capital project progress | The Daily … – BusinessNorth.com

United States Steel Corp. delivereda profitable second quarter.

The Pittsburgh-based iron ore and steelmaker reported 2023 second quarter net earnings of $477

million, or $1.89 per diluted share, and adjusted net earnings of $483 million, or $1.92 per diluted share.

The earnings were down from 2022 second quarter net earnings of $978 million, or $3.42 per diluted

share and adjusted net earnings of $1.116 million, or $3.89 per diluted share.

Net sales in the second quarter of 2023 were just over $5 billion, down from $6.2 billion in the

second quarter of 2022.

We are pleased to deliver strong results for the quarter, supported by healthy sequential growth in

the mini mill segment in both adjusted EBITDA and EBITDA margin, David Burritt, U.S. Steel president and chief executiveofficer, said in a news release. We generated $713 million of cash from operations in the quarter and freecash flow of $101 million, further strengthening our balance sheet. Our in-flight strategic projectsremain fully funded and we are prioritizing direct returns consistent with our capital allocationframework, with $86 million returned to stockholders through buybacks and dividends in the secondquarter.

Among capital projects underway is construction of a non-grain oriented electrical steel line at its Big

River steel mini mill in Osceola, Ark.The line is being commissioned and on schedule to be started later

in the third quarter, Burritt said.

Customer demand has been robust for our NGO steels and we are pleased to announce that we've

already secured out first customer orders in both industrial and electric vehicle markets, said Burritt.

An approximate $150 million DR-grade pellet facility is also under construction at U.S. Steel'sKeetac taconite plant in Keewatin. It is scheduled to beoperating in thefourth quarter of this year.

Our strategy is expanding our competitive advantages and generating growth and returns for

stockholders as we strengthen domestic supply chains and support advanced manufacturing returning to

our shores, said Burritt. We remain bullish for U.S. Steel.

On Minnesota's Iron Range, U.S. Steel owns and operates Keetac and Minntac Mine in Mountain

Iron.The facilities produce iron ore pellets, the raw material used to make steel in blast furnaces.Minntac Mine is North America's largest taconite plant.U.S. Steel is also minority owner of Hibbing Taconite Co. near Chisholm and Hibbing.

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U.S. Steel reports earnings, capital project progress | The Daily ... - BusinessNorth.com