U.S. Steel Corp. reported its fifth consecutive quarterly loss on Thursday, though CEO David Burritt said business was picking up, especially for its flat rolled steel segment.
The Pittsburgh-based steelmaker posted a loss of $234 million, or $1.06 per share, for the third quarter. That compares with a loss of $84 million, or 49 cents, in the same three months last year.
In the second quarter this year, the company lost $589 million, or $3.36 per share.
Sales in the most recent period slumped 24% to $2.3 billion, down from $3.1 billion a year earlier.
“Our third-quarter results exceeded our guidance and demonstrated the power of the actions we have taken since the onset of COVID-19 with dramatically improved results in our flat-rolled segment,” Mr. Burritt said in a statement.
As the fallout from the pandemic began to emerge and as oil and gas markets sank, U.S. Steel cut back production and laid off workers to preserve cash and help ensure its survival.
Results were released after the close of the stock market. Top executives are set to discuss the financials with Wall Street analysts at 8:30 a.m. on Friday.
Patricia Sabatini: PSabatini@post-gazette.com; 412-263-3066.
First Published: October 29, 2020, 9:31 p.m.
