Press Release: United States Steel Corporation Provides Second Quarter 2024 Guidance

Dow Jones06-17

By Michael Susin

United States Steel nudged downward its earnings expectations for the second quarter due to stable demand and challenging market conditions.

The Pittsburgh-based company said it expects for adjusted net earnings per diluted share--which strips out exceptional and other one-off items--to be in the range of 76 to 80 cents, down from the 82 cents reported in the first quarter. This compares with market expectations 77 cents taken from FactSet.

The company said adjusted earnings before interest, taxes, depreciation and amortization is forecast to be around $425 million, at the bottom line of the previous guidance range of between $425 million and $475 million.

The company said the new target reflects stable domestic flat-rolled steel demand, while its tubular segment's performance is being hurt by challenging market conditions.

"We continue to move closer to the completion of our in-flight capital projects and the incremental earnings and resilient cash flow they are expected to generate," said President and Chief Executive Officer David Burritt.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

June 17, 2024 08:47 ET (12:47 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Second quarter 2024 adjusted EBITDA is expected to be approximately $425 million.Commenting on second quarter guidance, President and Chief Executive Officer David B. Burritt said, \"We continue to run our business safely as we make progress towards closing our transaction with Nippon Steel Corporation. Adjusted EBITDA guidance of $425 million is at the lower end of our prior second quarter outlook and reflects stable domestic flat-rolled steel end-use demand despite a dynamic spot steel pricing environment. In Europe, we recently restarted our temporarily idled blast furnace in response to improving customer demand. As expected, challenging market conditions are negatively impacting the Tubular segment's performance.\". The Mini Mill segment's adjusted EBITDA is expected to be lower than the first quarter. 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