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U.S. Steel turns a profit of $214 million in the second quarter

The Bop Shop at U.S. Steel's Gary Works mill in Gary is pictured above.

U.S. Steel turned a profit of $214 million in the second quarter, up from just $18 million in the first quarter but down from $261 million in profit during the second quarter of 2017.

The Pittsburgh-based steelmaker, which recently started contract negotiations with its steelworkers, earned $1.20 percent share on adjusted Earnings Before Interest, Taxes, Depreciation Amortizationtion of $451 million for the quarter. U.S. Steel raked in adjusted net earnings of $262 million, or $1.46 per share, during the second quarter.

The integrated steelmaker, one of Northwest Indiana's largest employers, declared a dividend of $0.05 per share.

"In the second quarter, our team performed well by responding quickly to customer demand," President and CEO David B. Burritt said. "We restarted steelmaking at Granite City ahead of schedule and safely ramped up production and shipments faster than planned. In addition, a very strong shipping performance in late June enabled us to deliver higher than expected earnings."

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U.S. Steel posted net sales of $3.6 billion in the quarter that ended June 30, and $6.7 billion during the first six months of the year.

The steelmaker's flat-rolled division, which includes Gary Works, East Chicago Tin and the Midwest Plant in Portage, brought in $224 million in net earnings in the second quarter. Overall, the company expects to make $1.85 billion to $1.9 billion in EBITDA this year, including $525 million in the third quarter.

"The success to date of our ongoing $2 billion asset revitalization program, as well as our earnings power in the current market, makes us increasingly optimistic about future investments that will drive long-term profitable growth,” Burritt said.

The company expects that its flat-rolled segment results will continue to improve because of higher steel prices.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.