United States Steel Corp (NYSE:X) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 08:30 am ET


United States Steel Corp (NYSE:X) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, everyone, and welcome to the United States Steel Corporation's Second Quarter 2020 Earnings Conference Call and Webcast. [Operator Instructions]

I'll now hand the call over to Kevin Lewis, Vice President of Investor Relations and Corporate FP&A.

Kevin Lewis

Thank you, and good morning. We appreciate your continued interest in U.S. Steel and welcome you to our second quarter earnings call. On the call with me this morning will be U.S. Steel President and CEO, Dave Burritt; Senior Vice President and CFO, Christie Breves; and Senior Vice President, Chief Strategy and Development Officer, Rich Fruehauf. After the close of business yesterday, we posted our earnings release and earnings presentation under the Investors section of our website.

On today's call, we will walk through via webcast select slides and our second quarter results. The link and slides for today's call can also be found on our website. Before we begin, let me remind you that some information provided during this call may include forward-looking statements that are based on certain assumptions and are subject to a number of risks and uncertainties as described in our SEC filings, and actual future results may vary materially. Forward-looking statements in the press release that we issued yesterday, along with our remarks today, are made as of today, and we undertake no duty to update them as actual events unfold.

I would now like to turn the conference call over to U.S. Steel President and CEO, Dave Burritt, who'll begin today's presentation on slide four.

David B. Burritt

Thank you, Kevin. Good morning, everyone, and thank you for joining in this morning's call and for your interest in U.S. Steel. I hope you and your families are staying healthy and safe. The past few months have certainly been trying, but I'm thankful for the U.S. Steel team and the collective response of the organization to keep each other safe and healthy so that we can be well positioned to support our customers in the recovery. We don't take for granted the critical role we play in customers' regional supply chain and the importance steel plays, especially U.S. Steel, in all of our lives.

I hope you hear today the optimism I have about the future, the encouraging signs we are seeing in our order book and our longer-term future as the only best of both steel company. Our results in the second quarter, while not surprising given the impacts of COVID-19, are a reminder of why we need to change. Our industry is volatile, and our best of both strategy will ultimately position us to make money in the trough. Without giving up the upside, we have always benefited from in recovering and strengthening markets. The second quarter was clearly the trough, and we have to get better at making money when the market hits bottom. All the more reason for us to move faster with the future with our best of both strategy. We are responding to the recovery that is underway to support our customers and deliver for