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United States Steel (X) investor relations material
United States Steel Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary1 May, 2025
Executive summary
Net loss of $116 million for Q1 2025 ($0.52 per share), compared to net earnings of $171 million in Q1 2024, driven by lower sales prices and volumes across most segments.
Adjusted EBITDA was $172 million, down from $414 million in Q1 2024, reflecting seasonally low results and mining logistics constraints.
All segments contributed positive EBITDA, but results declined year-over-year due to lagging spot prices and ramp-up costs at Big River 2.
Mini Mill segment achieved record shipments, with Big River 2 ramping up and contributing to a 10% EBITDA margin after ramp-up impacts.
The proposed merger with Nippon Steel remains pending, with regulatory reviews and legal challenges ongoing.
Financial highlights
Net sales were $3.73 billion, down 10% from $4.16 billion in Q1 2024.
Gross margin declined to 7% from 9% in Flat-Rolled, and to 2% from 29% in Mini Mill.
Operating cash flow was $(374) million, a significant decrease from $(28) million in Q1 2024, mainly due to lower earnings and working capital changes.
Capital expenditures totaled $359 million in Q1 2025.
Cash and cash equivalents at quarter-end were $594–$638 million; total liquidity was $2.87 billion.
Outlook and guidance
Q2 2025 adjusted EBITDA expected between $375 million and $425 million.
Segment results expected to improve sequentially in Flat-Rolled, Mini Mill, and USSE due to higher prices and volumes, though some cost pressures remain.
Section 232 steel tariffs and new trade actions are anticipated to support domestic steel industry performance.
Management expects liquidity to be adequate for planned capital expenditures, working capital, and debt service.
Positive enterprise free cash flow anticipated in Q2 as working capital impacts unwind.
Explain BR2's impact on Mini Mill margins.
What are the expected Q2 drivers for Flat-Rolled?
Detail risks to the Nippon Steel transaction.
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Frequently asked questions
United States Steel Corporation is an integrated steel producer that manufactures flat-rolled and tubular steel products for automotive, construction, energy, and other industries. The company operates production facilities in the United States and Europe. United States Steel Corporation is headquartered in Pittsburgh, Pennsylvania, and its shares are listed on the NYSE.
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