US Steel Corporation reported fourth quarter 2022 net earnings of $174 million on net sales of $4.34 billion. This compares to fourth quarter 2021 net earnings of $1.07 billion on revenues of $5.62 billion. Full-year 2022 net earnings was $2.52 billion on net sales of $21.1 billion. This compares to full-year 2021 net earnings of $4.17 billion on net sales of $20.3 billion.
Steel shipments for Q4 totaled 3.37 million net tons, compared to 3.75 million net tons in Q4 2021. Raw steel production totaled 3.36 million nt in Q4, compared to 4.18 million nt in Q4 2021. Raw steel capability utilization reached 59 percent for flat-rolled operations in Q4, 82 percent for mini mills, and 60 percent for tubular operations. This compares to 51 percent, 82 percent, and 62 percent, respectively, in Q4 2021.
Commenting on the company's performance, US Steel President and Chief Executive Officer David B. Burritt said, “Our fourth quarter results exceeded our guidance expectations thanks to the combined efforts of our domestic steelmaking operations and Tubular segment. This includes positive EBITDA in December at our Mini Mill segment, reflecting improving momentum through year-end while continuing to work through higher priced raw materials purchased earlier in 2022. Each of our operating segments contributed meaningfully to 2022’s success, while delivering record safety performance and strong operational excellence, quality, and reliability for our customers.”
As for an outlook, Burrit said, “We are well-positioned for 2023. We are already delivering on strategic commitments, including the Gary Works pig iron machine that was commissioned ahead of schedule and on-budget. Later this year, our non-grain oriented electrical steel line at Big River Steel will begin producing advanced steel grades to meet the growing electric vehicle demand. 2023 is a pivotal year in our strategy and we look forward to demonstrating continued progress towards our Best for All future.”