Summary by Futu AI
United States Steel Corporation (U.S. Steel) reported a mixed financial performance for the first quarter of 2024. The company's net sales decreased by 7% year-on-year, from $4,470 million in Q1 2023 to $4,160 million in Q1 2024. The North American Flat-Rolled, Mini Mill, and U.S. Steel Europe segments showed improved results, while the Tubular segment experienced a decline, primarily due to lower sales price and volume. Operating expenses increased, with selling, general, and administrative expenses rising to $119 million from $99 million in the previous year. The company recognized restructuring and other charges of $6 million, up from $1 million in Q1 2023. U.S. Steel's earnings before interest and taxes (EBIT) for the quarter were $154 million, a 19% decrease from $189 million in the same period last year...Show More