United States Steel Corporation reported fourth quarter 2024 net loss of $89 million, or $0.39 per diluted share and adjusted net loss was $28 million, or $0.13 per diluted share. This compares to fourth quarter 2023 net loss of $80 million, or $0.36 per diluted share, and adjusted net earnings for the fourth quarter 2023 of $167 million, or $0.67 per diluted share.
Full-year 2024 net earnings was $384 million, or $1.57 per diluted share, and adjusted net earnings was $529 million, or $2.14 per diluted share. This compares to full-year 2023 net earnings of $895 million, or $3.56 per diluted share, and adjusted net earnings for 2023 of $1,195 million, or $4.73 per diluted share.
Net sales in Q4 2024 totaled $3.51 million compared to $4.14 million in Q4 2023. Total steel shipments in the quarter reached 3,296 net tons compared to 3,807 net tons in Q4 2023. Raw steel production for all segments totaled 3,719 nt compared to 4,096 in Q4 2023. Raw steel capability utilization in Q4 reached 63 percent for flat-rolled, 61 percent for mini mill, 68 percent for tubular, and 63 percent, 87 percent, and 69 percent for Q4 2023.
Commenting on the Company’s fourth quarter performance, U. S. Steel President and Chief Executive Officer, David B. Burritt said, “Our fourth quarter adjusted EBITDA of $190 million demonstrates continued strong performance amidst a sequentially weaker average selling price and demand environment across all our operating segments. Our results included better than expected cost performance in the North American Flat-Rolled segment and improved volumes in the Mini Mill segment later in the quarter. The North American Flat-Rolled segment generated 10% EBITDA margin, benefiting from a resilient commercial strategy, diverse product mix and continued focus on cost control. Our Mini Mill segment included initial shipments from our new, state-of-the-art Big River 2 (“BR2”) mill, which partially offset the impact of planned maintenance activity at Big River Steel during the quarter. When adjusting for $50 million in construction and ramp-up costs for strategic projects at Big River, the Mini Mill segment delivered 8% EBITDA margin. USSE earnings were pressured by continuing challenges in the pricing and demand environment. Tubular earnings were stronger sequentially in the fourth quarter driven by higher shipments.”
The company expects first quarter of 2025 adjusted EBITDA to be in the range of $100 million and $150 million driven by their North American Flat-Rolled segment results which are expected to decrease, primarily driven by seasonal logistics constraints in the mining sector.