Improved shipments and record-high hot band prices pushed US Steel's second-quarter net income to $1.012 billion, in contrast to a net loss of nearly $589 million in the equivalent quarter last year.
The mini-mill segment generated $324 million in earnings before interest, taxes, depreciation, and amortization (Ebitda) and had a 36% margin in the quarter, the Pittsburgh-based steelmaker said in an earnings presentation on Thursday July 29.The average realized price for flat-rolled steel was $1,078 per net ton during the quarter, up by 49.51% from $721 per ton in the equivalent quarter last year and by 21.40% from $888 per ton in the first quarter of 2021.US Steel Europe realized an average price of $905 per ton in the April-June quarter, up by 4.32% from $632 per ton a year earlier.The company's overall steel shipments rose by 66.43% year on year to 4.214 million tons from 2.532 million tons. Of that, flat-rolled steel shipments accounted for 2.326 million tons, up by 29.94% from 1.79 million tons in the same comparison."The second quarter was an exceptional quarter for US Steel," president and chief...