United States Steel Corporation (US Steel) has announced record results for the third quarter of 2021. The Pittsburgh steel company has benefited from the improving market environment.
Third-quarter sales more than doubled to $ 5.96 billion from $ 2.34 billion a year earlier.
The company reported net income of $ 2.002 billion, or $ 6.97 per share, for the quarter. Adjusted net income for the quarter was $ 1.543 billion, or $ 5.36 per share. In the corresponding quarter of last year, US Steel reported a net loss of $ 234 million, or $ 1.06 per share, and an adjusted net loss of $ 268 million, or $ 1.21 per share, the company said in a press release.
The company's board of directors approved an increase in quarterly dividends to 5 cents per share, which will be paid on December 9 to all registered shareholders on November 8, 2021. The board also approved a share buyback program for up to $ 300 million.