Taitai6769/iStock via Getty Images

Taitai6769/iStock via Getty Images

U.S. Steel (NYSE:X ) +4.1% post-market Thursday after reporting its best-ever quarterly adjusted earnings of $1.1B, or $3.86/share, and better than expected revenues, while also announcing a $500M repurchase authorization.

Q2 net earnings slipped to $978M, or $3.42/share, from $1.01B, or $3.53/share, in the year-earlier quarter, and Q2 EBITDA of $1.62B also set a quarterly record for the company, "driven by strong performance across our diverse operating segments."

U.S. Steel (X) reported Q2 total operating expenses of $5.04B, up from $3.99B a year earlier, and the company reported a $284M income tax expense this year, while posting a $37M tax benefit in the same period last year.

Q2 total steel shipments of 4.18M net tons were roughly flat compared to the previous year, while average realized prices rose across the board: flat-rolled +24% Y/Y to $1,339/ton, mini mill +10% to $1,331/ton, U.S. Steel Europe +34% to $1,217/ton, tubular +67% to $2,727/ton.

While some consumer-oriented markets like automotive and appliance are softer, line pipe and energy demand is accelerating, President and CEO David Burritt said.

U.S. Steel's (X) stock price return shows a 9% YTD loss and an 11% decline during the past year.