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Glenn Wilkin - Monday, March 18, 2024
U.S. Steel Climbs on Guidance
United States Steel Corporation (NYSE: X) today provided first quarter 2024 adjusted net earnings per diluted share guidance of $0.80 to $0.84. First quarter 2024 adjusted EBITDA is expected to be approximately $425 million.
Commenting on first quarter guidance, President and Chief Executive Officer David B. Burritt said,“We remain focused on running our business as we make progress towards closing our transaction with Nippon Steel Corporation. Our anticipated first quarter performance is in-line with our prior outlook, reflecting healthy steel demand, strong operating performance, and continued focus from our employees on delighting our customers. Our North American Flat-Rolled segment's balanced and diverse markets are keeping the order book strong. Meanwhile, our Mini Mill segment continues to capture sequentially higher-priced spot orders to drive better results compared with the fourth quarter. In Europe, commercial and energy tailwinds and management cost improvements are projected to drive better EBITDA than the fourth quarter. Our Tubular segment is navigating softer first quarter demand and price headwinds while still expecting to deliver strong margins.”
The Flat-Rolled segment's adjusted EBITDA is expected to be higher than the fourth quarter. Higher spot steel prices are expected to be reflected in the segment's average selling prices further supported by the favorable impact from fixed-priced contracts negotiated for 2024.
X shares gained 15 cents to $39.00
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