United States Steel Corp. reported a second quarter net loss of $589 million, or $3.36 per diluted share. That compares to second quarter 2019 net earnings of $68 million, or 39 cents per diluted share. The integrated mining and steelmaking giant had liquidity of $2.652 billion, including cash of $2.300 billion
"We exceeded our second quarter guidance as North American Flat-rolled segment shipments meaningfully accelerated in the second half of June, resulting in better than expected production efficiencies and cost benefits across our mines and steel plants,” said U. S. Steel President and Chief Executive Officer David B. Burritt. “Still, second quarter performance was impacted by COVID-19 and the nonrecurring costs associated with a significant portion of our steelmaking operations being idled in the quarter. We are encouraged by the accelerating pace of incoming orders across our steelmaking and sheet finishing facilities. While a portion of operating inefficiencies will continue to impact third quarter performance, we are confident that the second quarter was the trough for the year."
He said the corporation is encouraged by the recovery in market conditions as automotive original equipment manufacturers are nearing normalized production levels and healthy order activity has continued into the third quarter.
“Construction demand is exceeding our expectations and is expected to remain robust, particularly for value-add construction products. To ensure we continue to serve our customers, we restarted two blast furnaces to quickly respond to increasing activity and plan to restart an additional furnace at Gary Works on August 1,” Burritt said. "While a portion of operating inefficiencies will continue to impact third quarter performance, we are confident that the second quarter was the trough for the year."