U.S. Steel reports Q2 EPS $1.92, consensus $1.80

Reports Q2 revenue $5.01B, consensus $5.11B. CEO David B. Burritt said, “We are pleased to deliver strong results for the quarter, supported by healthy sequential growth in the Mini Mill segment in both adjusted EBITDA and EBITDA margin. We generated $713 million of cash from operations in the quarter and free cash flow of $101 million, further strengthening our balance sheet. Our in-flight strategic projects remain fully funded and we are prioritizing direct returns consistent with our capital allocation framework, with $86 million returned to stockholders through buybacks and dividends in the second quarter. We are executing exceptionally well against our strategic initiatives, with all in-flight projects progressing on-time and on-budget. Notably, our non-grain oriented, or NGO, electrical steel line at Big River Steel is currently being commissioned and on track to start-up later in the third quarter. Customer demand has been robust for our NGO steels and we are pleased to announce that we’ve already secured our first customer orders in both industrial and electric vehicle markets.”