U.S. Steel Q1 Profit Down

(RTTNews) - United States Steel Corp. (X) reported first quarter 2023 net earnings of $199 million or $0.78 per share, down from $882 million or $3.02 per share last year.

Adjusted net earnings was $195 million or $0.77 per share compared to $910 million or $3.11 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share for the first quarter. Analysts' estimates typically exclude special items.

Net Sales for the quarter were $4.47 billion down from $5.23 billion in the prior year. Analysts expected revenue of $4.25 billion for the quarter.

U. S. Steel President and Chief Executive Officer David Burritt said, "Our focus on being the best partner for our customers through best operations has amplified the benefits of an improved market and more market share gains that we expect to continue through 2023. This momentum is expected to deliver even stronger second quarter results from higher steel prices."

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