U.S. Steel Corp. said Aug. 1 that net profit plummeted 68.2% year over year in the second quarter to US$68.0 million, or 39 cents per share, from US$214.0 million, or US$1.20 per share.
CEO David Burritt said operations during the period were affected by challenging market conditions. Severe weather in the quarter also posed logistics headwinds for the steelmaker.
Adjusted net earnings, excluding the impact of a December 2018 fire at the Clairton coke making facility in Pennsylvania, totaled US$78 million, or 45 cents per diluted share.
The Pittsburgh-headquartered steelmaker declared a dividend of 5 cents per share, the same as the dividend declared a year earlier.
Revenues during the quarter amounted to US$3.55 billion, a 1.8% decrease from US$3.61 billion.
Adjusted EBITDA stood at US$278.0 million during the quarter, falling 38.4% from US$451.0 million. CapEx for the quarter was up 88.4% at US$326.0 million.
Steel shipments during the quarter totaled 4.0 million tonnes, up 1.6% from 3.9 Mt. This included flat rolled steel shipments of 2.6 Mt, an increase from 2.58 Mt, with shipments from its European segment declining to 1.00 Mt from 1.2 Mt.
Meanwhile, U.S. Steel completed upgrades to its operations, including the Mon Valley steelworks in Pennsylvania, on time and within budget.