United States Steel Corp X shares are trading higher in Thursday’s after-hours session after the company provided strong guidance for the fourth quarter.
What Happened: U.S. Steel said it expects fourth-quarter adjusted earnings to be in a range of 58 cents to 63 cents per share versus average analyst estimates of 43 cents per share. The company expects fourth-quarter adjusted EBITDA of approximately $375 million.
“Our expected fourth quarter performance is in-line with commentary provided on our October earnings call. December commercial demand in the U.S. is better and scrap prices have begun to increase this month. Flat-rolled customer inquiries are accelerating and spot steel selling prices are improving,” said David B. Burritt, president and CEO of U.S. Steel.
“As discussed during our October earnings call, we continue to work through higher priced metallics in our Mini Mill segment and pressure on our European segment continues from lower demand in the region and higher raw material and energy costs. Our Tubular segment is expected to deliver another incrementally strong quarter,” Burritt added.
U.S. Steel operates primarily in the United States. The company’s operating segments include North American Flat-Rolled, Mini Mill, U.S. Steel Europe and Tubular Products.
X Price Action: U.S. Steel shares are up 1.08% in after hours at $23.90 at time of publication, according to Benzinga Pro.
Photo: jannonivergall from Pixabay.
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