US Steel reported its Q4 2021 results with net income of $1.07bn, 22x its numbers during the same period last year that were impacted by the pandemic. Net sales rose 119% YoY to $5.6bn. The steel company said that it plans to buyback $500mn of stock beginning in Q1 2022 in addition to its $300mn buyback authorization announced in October 2021. US Steel President and CEO David B. Burrit said, “2021 was a year of records and we delivered with record earnings and free cash flow and record safety, environmental, quality, and reliability performance”.
US Steel’s bonds were slightly lower with its 6.875% 2029s down 0.4 points to 102.2, yielding 6.48%.
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