The company's various business lines were also affected by this decrease. The flat-rolling division reported a decrease in earnings before interest and taxes from USD 231 million to USD 183 million. U.S. Steel Europe reported a profit of USD 72 million last year, but switched to a loss of USD 10 million this year.
Average prices of products also decreased. The price of flat-rolled products decreased from USD 1,088 to USD 1,051 per net ton.
Steel shipments in the second quarter of 2024 were 3,591 thousand net tons, a decrease of 9.5% compared to the same period in 2023.
David B. Burritt, President and CEO of U.S. Steel, commented that the company continued to make strategic investments during the challenging second quarter to improve operational efficiencies and position itself to be in a strong position when market conditions improve.
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