United States Steel Corp. reported lower net earnings for the quarter but higher net earnings for the half year. Net earnings were $214 million compared with $261 million during Q2 of 2017. Year to date, the net was $232 million versus $81 million during the first six months of 2017.
"In the second quarter, our team perfomed well by responding quickly to customer demand,” said President and Chief Executive Officer David B. Burritt.“We restarted steelmaking at Granite City ahead of schedule and safely ramped up production and shipments faster than planned. In addition, a very strong shipping performance in late June enabled us to deliver higher than expected earnings."
He expects third quarter 2018 adjusted EBITDA will be approximately $525 million and full-year 2018 adjusted EBITDA of $1.85 - $1.90 billion.
"The success to date of our ongoing $2 billion asset revitalization program, as well as our earnings power in the current market, makes us increasingly optimistic about future investments that will drive long-term profitable growth,” Burritt said.