Shipment Decline and Financial Performance
US Steel Corporation, one of the largest steel producers in the United States, reduced its steel shipments by 8.4% year-on-year in 2024, delivering 14.2 million short tons compared to 15.51 million tons in 2023. The decline was even steeper in Q4 2024, with shipments falling 13.4% y/y to 3.3 million tons.
The company’s European division, US Steel Europe, also saw an 8.2% drop in shipments, delivering 3.578 million tons in 2024, down from 3.899 million tons the previous year.
US Steel's net profit for 2024 stood at $384 million, with an adjusted net profit of $529 million—a sharp decline from $895 million and $1.195 billion, respectively, in 2023. Adjusted EBITDA for Q4 2024 was $190 million, contributing to a full-year total of $1.37 billion.
2025 Outlook and Market Challenges
For Q1 2025, US Steel expects adjusted EBITDA to be between $100-150 million. The company anticipates weaker results in its North American flat products segment, primarily due to seasonal logistical constraints in mining, which should ease by Q2. However, the company aims to mitigate the impact through its commercial strategy.
Despite challenges, US Steel forecasts stronger performance in its Mini Mill segment, driven by increased deliveries from the newly commissioned Big River 2 rolling mill.
In Europe, the company expects modest improvement in Q1 but continues to face pricing and demand pressures. The Tubular segment is projected to maintain results similar to Q4 2024.
The steelmaker's 2024 shipment decline follows a 3.8% growth in 2023, when total shipments reached 15.51 million tons, and European shipments rose 3.7% to 3.899 million tons. However, the average selling price in 2023 fell to €807 per tonne, compared to €1,029 per tonne in 2022.
As global steel demand fluctuates, US Steel’s performance in 2025 will depend on market conditions, production efficiency, and macroeconomic trends in both North America and Europe.
