PITTSBURGH — Pittsburgh-based United States Steel Corp. (NYSE: X) reported a $1.2 billion net loss for 2020, or $5.92 per share, which comes after a $630 million net loss reported in 2019, according to a news release.
U.S. Steel reported fourth quarter 2020 net earnings of $49 million, or 22 cents per share, and a fourth quarter adjusted net loss of $60 million. This is a big improvement from the fourth quarter 2019, when the company reported a net loss of $668 million and an adjusted net loss of $109 million.
“We finished 2020 strong and are optimistic about the opportunity to deliver incremental value for our stakeholders in 2021,” U.S. Steel President and CEO David Burritt said in a prepared statement. “Our fourth quarter adjusted EBITDA of $87 million is only just beginning to show the potential of our earnings growth as we begin to realize the benefits of higher prices, adaptive operations and our continued focus on cost management. Our performance continues to strengthen as we enter 2021 and we are bullish that the market will continue to be fueled by robust demand, low inventories and supportive raw material prices.”
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