US Steel Reports 20.4% Decrease in Total Revenue for Q2 2023

🌥️Earnings Overview

For the second quarter of Fiscal Year 2023 (ending June 30, 2023), UNITED STATES STEEL ($NYSE:X) reported a total revenue of USD 5008.0 million, a decrease of 20.4% compared to the same quarter of the prior year. Net income was USD 477.0 million, dropping by 51.2% year over year. This announcement was made on July 27, 2023.

Analysis

According to the GoodWhale Risk Rating, UNITED STATES STEEL is a medium risk investment in terms of financial and business aspects. Additionally, GoodWhale has detected two risk warnings in the income sheet and balance sheet for this stock. To access these warnings, users must become registered with GoodWhale. This is important so that users can make informed decisions when investing in UNITED STATES STEEL. GoodWhale’s detailed analysis is a great way for investors to gain insight on the potential benefits and risks associated with investing in this stock. More…

About the Company

Income Snapshot

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Cash Flow Snapshot

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Balance Sheet Snapshot

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Key Ratios Snapshot

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Peers

United States Steel Corp, Cleveland-Cliffs Inc, Algoma Steel Group Inc, and Ternium SA are all steel companies that compete for market share. While U.S. Steel is the largest of the four, the other three are not far behind in terms of size and operations. All four companies have a long history in the steel industry and are well-positioned to compete for business in the coming years.

– Cleveland-Cliffs Inc ($NYSE:CLF)

Cleveland-Cliffs Inc is an American mining and natural resources company. The company is the largest producer of iron ore pellets in North America, and a major supplier of direct-reduced iron (DRI) globally. The company also produces other iron-related products, such as metallurgical coal and ferroalloys. It has operations in the United States, Canada, Brazil, and Australia.

Cleveland-Cliffs Inc has a market cap of 8.45B as of 2022. The company’s return on equity is 46.25%. Cleveland-Cliffs Inc is the largest producer of iron ore pellets in North America and a major supplier of direct-reduced iron globally. The company also produces other iron-related products, such as metallurgical coal and ferroalloys.

– Algoma Steel Group Inc ($TSX:ASTL)

Algoma Steel Group Inc is a Canadian steel company located in Sault Ste. Marie, Ontario. The company has a market cap of 1B as of 2022 and a return on equity of 57.58%. The company produces steel products for the construction, energy, manufacturing, and transportation industries.

– Ternium SA ($NYSE:TX)

Ternium SA is a leading steel producer in Latin America with operations in Mexico, Argentina, Chile, Colombia, Guatemala and the United States. The company has a market cap of 5.66B as of 2022 and a Return on Equity of 30.03%. Ternium is the largest integrated steel producer in Latin America and the third largest in the world, with a production capacity of approximately 21 million tons of crude steel per year. The company produces a wide range of steel products, including flat and long products, coated products, and specialty steels. Ternium’s products are used in a variety of industries, such as construction, automotive, appliances, packaging, and others.

Summary

Investors in UNITED STATES STEEL should note that the company reported total revenue of USD 5008.0 million for the second quarter of Fiscal Year 2023 (ended June 30, 2023), a decrease of 20.4% compared to the same period in the prior year. Net income was USD 477.0 million, which was down 51.2% year over year. This announcement was made on July 27, 2023. With the current financial performance, investors should evaluate their positions carefully and make decisions based upon their own risk tolerance and investment goals.