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U.S. Steel 1Q Revenue Drops on Lower Prices, Weaker Shipments

By Ben Glickman


U.S. Steel posted lower revenue in the first quarter after drops in prices for some of the company's segments weighed on results.

The Pittsburgh-based company reported a profit of $171 million, or 68 cents a share, in the quarter ended March 31, compared with a profit of $199 million, or 78 cents a share, a year earlier.

Stripping out certain one-time items, U.S. Steel had an adjusted profit of 82 cents a share.

Revenue fell to $4.16 billion from $4.47 billion a year ago.

Prices in U.S. Steel's flat-rolled and mini mill segments rose, while average realized prices in European operations and in tubular fell compared to a year ago. Total steel shipments declined.

Chief Executive David Burritt said the company benefited from a diverse order book and efficiently run operations. He noted results were dented by an unfavorable inventory impact in North American flat-rolled.

U.S. Steel said it was working toward closing the merger with Nippon Steel, and still expects the merger to close in the second half of 2024.


Write to Ben Glickman at

(END) Dow Jones Newswires

May 02, 2024 17:14 ET (21:14 GMT)

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