United States Steel Corporation reported first quarter net loss of $116 million, or $0.52 per diluted share. This compared to first quarter 2024 net earnings of $171 million, or $0.68 per diluted share.
Net sales in Q1 2025 totaled $3.73 million, compared to $4.16 million in Q1 2024. Total steel shipments in the quarter reached 3.76 million net tons, compared to 3.80 million nt in the year-on-year quarter. Raw steel production for all segments totaled 4,187 mt in Q1, compared to 4,053 nt in Q1 2024. Raw steel capability utilization in Q1 reached 65 percent for flat-rolled, 62 percent for mini mill, 73 percent for tubular, and 64 percent, 87 percent, and 65 percent for Q1 2024.
Commenting on the company’s first quarter performance, US Steel President and CEO, David B. Burritt said, “Our adjusted EBITDA of $172 million highlights the strength and resilience of our operating performance, despite the seasonally low results driven by annual mining logistics constraints in our North American Flat-Rolled segment and lagging spot prices. Our North American Flat-Rolled segment achieved a solid EBITDA margin of 5%, thanks to our commercial strategy, product mix, and disciplined cost management. We recorded our highest quarter of shipments to date from our Mini Mill segment as Big River 2 (“BR2”), a showcase of American innovation in steelmaking, continues ramping toward full capacity. After accounting for $55 million in ramp-up impact at BR2, Mini Mill EBITDA margins reached 10%. Our European business benefited from higher shipments and strong cost management, while our Tubular segment posted sequential gains on stronger average selling prices. We also expect the first quarter to mark our lowest cash balance for the year, driven primarily by working capital impacts related to mining and the ramp up of BR2.”
The company expects its second quarter adjusted EBITDA to be in the range of $375 million and $425 million. The company’s North American Flat-Rolled segment results are expected to increase as seasonal constraints in mining logistics ease and higher average steel prices flow through results. However, US Steel expects a partial offset from lower shipments as a function of planned maintenance activity and outage costs during the quarter. They expect an improvement in Mini Mill segment results, reflecting both an increase in average selling prices and volumes from the Big River 2 project, even after accounting for approximately $50 million of ramp-up impact at Big River 2.