U.S. Steel made a record $4.174 billion in 2021, or $14.88 per share.
The Pittsburgh-based steelmaker, one of the Region's biggest industrial companies, benefited from record-high steel prices fueled by strong demand, a recovering economy and tariffs on most foreign-made steel. It made $1.06 billion, or $3.75 per share, in the fourth quarter.
“(Last year) was a year of records and we delivered with record earnings and free cash flow and record safety, environmental, quality, and reliability performance,” U. S. Steel President and CEO David B. Burritt said. “We enter 2022 from a position of strength and are relentlessly focused on continuing our disciplined approach to creating stockholder value. Our balance sheet has been transformed, record cash significantly derisks strategy execution, and our capital allocation priorities have enhanced direct stockholder returns. We are a fundamentally different company from a year ago and expect 2022 to be another strong year.”
U.S. Steel made $3.78 billion in adjusted net earnings and adjusted EBITDA of $5.592 billion last year. The steelmaker, which operates Gary Works and the Midwest Plant in Portage, earned $1.728 billion in EBITDA in the fourth quarter.
“Through our Best for All customer-centric strategy, U. S. Steel continues to gain market share with our clear competitive advantages: low-cost iron ore, mini mill steelmaking, and best-in-class finishing capabilities," Burritt said. "(This year) will be another year of strategic progress and upon completion, our announced strategic investments will deliver approximately $850 million of incremental through-cycle earnings power with winning customer solutions while reducing our capital and carbon intensity. We are becoming a better, not bigger company as we continue to innovate and develop the next generation of our sustainable steel solutions for our people and our planet."
The company now has $4.971 billion in liquidity, including $2.522 billion in cash.
U.S. Steel bought back $150 million in stock during the fourth quarter and will pursue a new $500 million stock buyback program to return more cash to shareholders.
© Copyright 2024, nwitimes.com, Munster, IN