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榴莲视频 Reports Second Quarter 2024 Results

  • Second quarter 2024 net earnings of $183 million, or $0.72 per diluted share.
  • Second quarter 2024 adjusted net earnings of $211 million, or $0.84 per diluted share.
  • Second quarter 2024 adjusted EBITDA of $443 million.

PITTSBURGH--(BUSINESS WIRE)-- 榴莲视频 (NYSE: X) reported second quarter 2024 net earnings of $183 million, or $0.72 per diluted share. Adjusted net earnings was $211 million, or $0.84 per diluted share. This compares to second quarter 2023 net earnings of $477 million, or $1.89 per diluted share. Adjusted net earnings for the second quarter 2023 was $483 million, or $1.92 per diluted share.

Commenting on the Company鈥檚 second quarter performance, U. S. Steel President and Chief Executive Officer, David B. Burritt said, 鈥淲e were pleased with our performance during the second quarter, as adjusted EBITDA of $443 million improved sequentially in spite of pricing headwinds that grew in the quarter across our operating segments. Most notable was better than forecasted results in our North American Flat-Rolled segment, in large part from enhanced product mix and cost management that kept earnings resilient in a dynamic market. Our Mini Mill segment performed well, delivering 17% EBITDA margin when adjusting for $30 million in one-time start-up costs for strategic projects. Both Tubular and 榴莲视频E performed as expected in the second quarter.鈥

Burritt continued, 鈥淲e expect third quarter adjusted EBITDA in the range of $275 million and $325 million, as recent pricing dynamics continue to impact our business. Our North American Flat-Rolled segment results should soften slightly, as lower spot prices more than offset continuing strength in our contract order book and lower spending. Our Mini Mill segment results will likely reflect lower spot prices and $30 million of related start-up and one-time construction costs ahead of a planned fourth quarter start-up of Big River 2 (BR2). In Europe, results are expected to be consistent with the second quarter reflecting lower selling prices largely offset by lower raw material costs. Our Tubular segment results should be lower as selling prices decline in the third quarter.鈥

Commenting on the Company鈥檚 transaction with Nippon Steel Corporation, Burritt noted, 鈥淲e continue to make progress on the U.S. regulatory processes ahead of the anticipated closing of our transaction with Nippon Steel Corporation later this year, which will bring advanced technologies to U. S. Steel to support a stronger domestic steel industry with enhanced competition and will strengthen national, economic, and job security.鈥

Commenting on the Company鈥檚 other strategic initiatives, Burritt concluded, 鈥淪eparately, construction on BR2 is achieving key milestones as we target start-up in the fourth quarter. Also at Big River, the recently commissioned dual galvalume / galvanized coating line is ramping as expected. Galvanized coils are being delivered to customers and the team is on-track to produce galvalume coils later this summer. You can find additional details and photos of these Big River Steel projects in the investor presentation posted today on our website.鈥

Earnings Highlights

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in millions, except per share amounts)

2024

2023

2024

2023

Net Sales

$

4,118

$

5,008

$

8,278

$

9,478

Segment earnings (loss) before interest and income taxes

Flat-Rolled

$

183

$

231

$

217

$

224

Mini Mill

28

132

127

144

U. S. Steel Europe

(10

)

72

6

38

Tubular

29

157

86

389

Other

(4

)

(12

)

(6

)

(9

)

Total segment earnings before interest and income taxes

$

226

$

580

$

430

$

786

Other items not allocated to segments

(45

)

(16

)

(95

)

(33

)

Earnings before interest and income taxes

$

181

$

564

$

335

$

753

Net interest and other financial benefits

(58

)

(57

)

(113

)

(118

)

Income tax expense

56

144

94

195

Net earnings

$

183

$

477

$

354

$

676

Earnings per diluted share

$

0.72

$

1.89

$

1.40

$

2.67

Adjusted net earnings (a)

$

211

$

483

$

417

$

678

Adjusted net earnings per diluted share (a)

$

0.84

$

1.92

$

1.64

$

2.68

Adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) (a)

$

443

$

804

$

857

$

1,231

(a) Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of these amounts.

UNITED STATES STEEL CORPORATION

PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

OPERATING STATISTICS

Average realized price: ($/net ton unless otherwise noted) (a)

Flat-Rolled

1,051

1,088

1,052

1,050

Mini Mill

869

1,011

923

897

U. S. Steel Europe

821

965

826

939

U. S. Steel Europe (鈧/net ton)

762

886

763

868

Tubular

2,108

3,493

2,190

3,636

Steel shipments (thousands of net tons): (a)

Flat-Rolled

2,045

2,235

4,094

4,513

Mini Mill

562

587

1,130

1,246

U. S. Steel Europe

875

1,034

1,947

1,917

Tubular

109

111

223

242

Total steel shipments

3,591

3,967

7,394

7,918

Intersegment steel (unless otherwise noted) shipments (thousands of net tons):

Mini Mill to Flat-Rolled

92

142

204

225

Flat-Rolled to Mini Mill

1

Flat-Rolled to Mini Mill (pig iron)

88

86

165

115

Flat-Rolled to 榴莲视频E (coal)

139

159

258

458

Raw steel production (thousands of net tons):

Flat-Rolled

2,072

2,529

4,183

4,922

Mini Mill

725

749

1,442

1,508

U. S. Steel Europe

980

1,213

2,059

2,305

Tubular

117

129

263

300

Raw steel capability utilization: (b)

Flat-Rolled

63

%

77

%

64

%

75

%

Mini Mill

88

%

91

%

88

%

92

%

U. S. Steel Europe

79

%

97

%

83

%

93

%

Tubular

52

%

57

%

59

%

67

%

CAPITAL EXPENDITURES (dollars in millions)

Flat-Rolled

125

104

264

243

Mini Mill

475

488

938

1,051

U. S. Steel Europe

27

16

55

42

Tubular

4

5

14

17

Other Businesses

Total

$

631

$

613

$

1,271

$

1,353

(a) Excludes intersegment shipments.

(b) Based on annual raw steel production capability of 13.2 million net tons for Flat-Rolled, 3.3 million net tons for Mini Mill, 5.0 million net tons for U. S. Steel Europe and 0.9 million net tons for Tubular.

UNITED STATES STEEL CORPORATION

CONDENSED STATEMENT OF OPERATIONS (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in millions, except per share amounts)

2024

2023

2024

2023

Net Sales

$

4,118

$

5,008

$

8,278

$

9,478

Operating expenses (income):

Cost of sales

3,629

4,161

7,294

8,114

Selling, general and administrative expenses

105

103

224

202

Depreciation, depletion and amortization

217

224

427

445

Earnings from investees

(45

)

(38

)

(59

)

(25

)

Asset impairment charges

12

19

4

Restructuring and other charges

2

6

3

Other losses (gains), net

19

(8

)

32

(18

)

Total operating expenses

3,937

4,444

7,943

8,725

Earnings before interest and income taxes

181

564

335

753

Net interest and other financial benefits

(58

)

(57

)

(113

)

(118

)

Earnings before income taxes

239

621

448

871

Income tax expense

56

144

94

195

Net earnings

183

477

354

676

Less: Net earnings attributable to noncontrolling interests

Net earnings attributable to 榴莲视频

$

183

$

477

$

354

$

676

COMMON STOCK DATA:

Net earnings per share attributable to 榴莲视频 Stockholders

Basic

$

0.82

$

2.12

$

1.58

$

2.99

Diluted

$

0.72

$

1.89

$

1.40

$

2.67

Weighted average shares, in thousands

Basic

224,893

225,538

224,496

226,430

Diluted

254,248

254,155

254,428

255,757

Dividends paid per common share

$

0.05

$

0.05

$

0.10

$

0.10

UNITED STATES STEEL CORPORATION

CONDENSED CASH FLOW STATEMENT (Unaudited)

Six Months
Ended June 30,

Six Months
Ended June 30,

(Dollars in millions)

2024

2023

Increase (decrease) in cash, cash equivalents and restricted cash

Operating activities:

Net earnings

$

354

$

676

Depreciation, depletion and amortization

427

445

Asset impairment charges

19

4

Restructuring and other charges

6

3

Pensions and other postretirement benefits

(62

)

(84

)

Active employee benefit investments

41

7

Deferred income taxes

87

135

Working capital changes

(219

)

(111

)

Income taxes receivable/payable

(42

)

48

Other operating activities

(165

)

(229

)

Net cash provided by operating activities

446

894

Investing activities:

Capital expenditures

(1,271

)

(1,353

)

Proceeds from sale of assets

1

3

Other investing activities

(5

)

Net cash used in investing activities

(1,275

)

(1,350

)

Financing activities:

Issuance of long-term debt, net of financing costs

238

Repayment of long-term debt

(33

)

(20

)

Common stock repurchased

(150

)

Other financing activities

(43

)

(42

)

Net cash (used in) provided by financing activities

(76

)

26

Effect of exchange rate changes on cash

(10

)

8

Net decrease in cash, cash equivalents and restricted cash

(915

)

(422

)

Cash, cash equivalents and restricted cash at beginning of year

2,988

3,539

Cash, cash equivalents and restricted cash at end of period

$

2,073

$

3,117

UNITED STATES STEEL CORPORATION

CONDENSED BALANCE SHEET (Unaudited)

June 30,

December 31,

(Dollars in millions)

2024

2023

Cash and cash equivalents

$

2,031

$

2,948

Receivables, net

1,678

1,548

Inventories

2,020

2,128

Other current assets

221

319

Total current assets

5,950

6,943

Operating lease assets

90

109

Property, plant and equipment, net

11,222

10,393

Investments and long-term receivables, net

809

761

Intangibles, net

426

436

Goodwill

920

920

Other noncurrent assets

999

889

Total assets

$

20,416

$

20,451

Accounts payable and other accrued liabilities

2,680

3,028

Payroll and benefits payable

333

442

Short-term debt and current maturities of long-term debt

162

142

Other current liabilities

281

336

Total current liabilities

3,456

3,948

Noncurrent operating lease liabilities

58

73

Long-term debt, less unamortized discount and debt issuance costs

4,078

4,080

Employee benefits

117

126

Deferred income tax liabilities

679

587

Other long-term liabilities

542

497

榴莲视频 stockholders' equity

11,393

11,047

Noncontrolling interests

93

93

Total liabilities and stockholders' equity

$

20,416

$

20,451

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED NET EARNINGS

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in millions)

2024

2023

2024

2023

Net earnings and diluted net earnings per share attributable to 榴莲视频, as reported

$

183

$

0.72

$

477

$

1.89

$

354

$

1.40

$

676

$

2.67

Restructuring and other charges

2

6

3

Stock-based compensation expense

16

12

27

23

Asset impairment charges

12

19

4

VEBA asset surplus adjustment

(8

)

(8

)

(12

)

(30

)

Environmental remediation charges

1

2

3

2

Strategic alternatives review process costs

18

41

Other charges, net

(2

)

(1

)

1

Adjusted pre-tax net earnings to 榴莲视频

220

485

437

679

Tax impact of adjusted items (a)

(9

)

(2

)

(20

)

(1

)

Adjusted net earnings and diluted net earnings per share attributable to 榴莲视频

$

211

$

0.84

$

483

$

1.92

$

417

$

1.64

$

678

$

2.68

Weighted average diluted ordinary shares outstanding, in millions

254.2

254.2

254.4

255.8

(a) The tax impact of adjusted items for both the three and six months ended June 30, 2024, and 2023 were calculated using a blended tax rate of 24%.

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF ADJUSTED EBITDA

Three Months Ended June 30,

Six Months Ended June 30,

(Dollars in millions)

2024

2023

2024

2023

Reconciliation to Adjusted EBITDA

Net earnings attributable to 榴莲视频

$

183

$

477

$

354

676

Income tax expense

56

144

94

195

Net interest and other financial benefits

(58

)

(57

)

(113

)

(118

)

Depreciation, depletion and amortization expense

217

224

427

445

EBITDA

398

788

762

1,198

Restructuring and other charges

2

6

3

Stock-based compensation expense

16

12

27

23

Asset impairment charges

12

19

4

Environmental remediation charges

1

2

3

2

Strategic alternatives review process costs

18

41

Other charges, net

(2

)

(1

)

1

Adjusted EBITDA

$

443

$

804

$

857

$

1,231

Net earnings margin (a)

4.4

%

9.5

%

4.3

%

7.1

%

Adjusted EBITDA margin (a)

10.8

%

16.1

%

10.4

%

13.0

%

(a) The net earnings and adjusted EBITDA margins represent net earnings or adjusted EBITDA divided by net sales.

UNITED STATES STEEL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF PAST TWELVE MONTHS OF FREE AND INVESTABLE CASH FLOW

3rd

4th

1st

2nd

Quarter

Quarter

Quarter

Quarter

Total of the

(Dollars in millions)

2023

2023

2024

2024

Four Quarters

Net cash provided (used) by operating activities

$

817

$

389

$

(28

)

$

474

$

1,652

Net cash used in investing activities

(585

)

(633

)

(645

)

(630

)

(2,493

)

Free cash flow

232

(244

)

(673

)

(156

)

(841

)

Strategic capital expenditures

423

425

468

468

1,784

Investable free cash flow

$

655

$

181

$

(205

)

$

312

$

943

We present adjusted net earnings, adjusted net earnings per diluted share, earnings before interest, income taxes, depreciation and amortization (EBITDA), adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, as additional measurements to enhance the understanding of our operating performance. We believe that EBITDA, considered along with net earnings, is a relevant indicator of trends relating to our operating performance and provides management and investors with additional information for comparison of our operating results to the operating results of other companies.

Adjusted net earnings and adjusted net earnings per diluted share are non-GAAP measures that exclude the effects of items that include: restructuring and other charges, stock-based compensation expense, asset impairment charges, VEBA asset surplus adjustment, environmental remediation charges, strategic alternatives review process costs, tax impact of adjusted items and other charges, net (Adjustment Items). Adjusted EBITDA and adjusted EBITDA margins are also non-GAAP measures that exclude the effects of certain Adjustment Items. We present adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin to enhance the understanding of our ongoing operating performance and established trends affecting our core operations by excluding the effects of events that can obscure underlying trends. U. S. Steel's management considers adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin as alternative measures of operating performance and not alternative measures of the Company's liquidity. U. S. Steel鈥檚 management considers adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin useful to investors by facilitating a comparison of our operating performance to the operating performance of our competitors. Additionally, the presentation of adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin provides insight into management鈥檚 view and assessment of the Company鈥檚 ongoing operating performance because management does not consider the Adjustment Items when evaluating the Company鈥檚 financial performance. Adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin should not be considered a substitute for net earnings, earnings per diluted share or other financial measures as computed in accordance with U.S. GAAP and are not necessarily comparable to similarly titled measures used by other companies.

We also present free cash flow, a non-GAAP measure of cash generated from operations after any investing activity and investable free cash flow, a non-GAAP measure of cash generated from operations after any investing activity adjusted for strategic capital expenditures. We believe that free cash flow and investable free cash flow provide further insight into the Company's overall utilization of cash. A condensed consolidated statement of operations (unaudited), condensed consolidated cash flow statement (unaudited), condensed consolidated balance sheet (unaudited) and preliminary supplemental statistics (unaudited) for U. S. Steel are attached.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release contains information regarding the Company and NSC that may constitute 鈥渇orward-looking statements,鈥 as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words 鈥渂elieve,鈥 鈥渆xpect,鈥 鈥渋ntend,鈥 鈥渆stimate,鈥 鈥渁nticipate,鈥 鈥減roject,鈥 鈥渢arget,鈥 鈥渇orecast,鈥 鈥渁im,鈥 鈥渟hould,鈥 鈥減lan,鈥 鈥済oal,鈥 鈥渇uture,鈥 鈥渨ill,鈥 鈥渕ay鈥 and similar expressions or by using future dates in connection with any discussion of, among other things, statements expressing general views about future operating or financial results, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, anticipated cost savings, potential capital and operational cash improvements and changes in the global economic environment, the construction or operation of new or existing facilities or capabilities, statements regarding our greenhouse gas emissions reduction goals, as well as statements regarding the proposed transaction, including the timing of the completion of the transaction. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include all statements that are not historical facts, but instead represent only the Company鈥檚 beliefs regarding future goals, plans and expectations about our prospects for the future and other events, many of which, by their nature, are inherently uncertain and outside of the Company鈥檚 or NSC鈥檚 control. It is possible that the Company鈥檚 or NSC鈥檚 actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management of the Company believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company鈥檚 or NSC's historical experience and our present expectations or projections. Risks and uncertainties include without limitation: the ability of the parties to consummate the proposed transaction on a timely basis or at all; the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement and plan of merger relating to the proposed transaction (the 鈥淢erger Agreement鈥); the risk that the parties to the Merger Agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; certain restrictions during the pendency of the proposed transaction that may impact the Company鈥檚 ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company鈥檚 common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company or NSC to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; and the risk the pending proposed transaction could distract management of the Company. The Company directs readers to its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and Form 10-K for the year ended December 31, 2023, and the other documents it files with the SEC for other risks associated with the Company鈥檚 future performance. These documents contain and identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements. All information in this report is as of the date above. The Company does not undertake any duty to update any forward-looking statement to conform the statement to actual results or changes in the Company鈥檚 expectations whether as a result of new information, future events or otherwise, except as required by law.

Founded in 1901, 榴莲视频 is a leading steel producer. With an unwavering focus on safety, the Company鈥檚 customer-centric Best for All strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel鈥檚 proprietary XG3 advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit .

漏2024 U. S. Steel All Rights Reserved

Corporate Communications
T - (412) 433-1300
E - media@uss.com

Emily Chieng
Investor Relations Officer
T - (412) 618-9554
E - ecchieng@uss.com

Source: 榴莲视频