United States Steel Corporation (NYSE: X) shares began Thursday firmly in the green, after it provided third-quarter 2024 adjusted net earnings per diluted share guidance of $0.44 to $0.48. Third quarter 2024 adjusted EBITDA is expected to be approximately $300 million.
Commenting on third-quarter guidance, CEO David B. Burritt said, “Adjusted EBITDA guidance of $300 million is in-line with our prior third quarter outlook and reflects resilient domestic flat-rolled steel demand amid a bottoming steel pricing environment. Challenging pricing dynamics are being offset in part by the benefits of our balanced and diverse order books in the North American Flat-Rolled segment. In Europe, we are experiencing a softening demand environment, resulting in Blast Furnace #1 remaining temporarily idled following a planned 30-day outage as customer demand continues to be tepid. The Tubular segment continues to face pressure from a weak pricing environment.”
Commenting on the Company’s strategic initiatives, Burritt continued, “We are approaching the planned start-up of Big River 2 in the fourth quarter of 2024. For the third quarter result, we expect approximately $40 million of related start-up and one-time construction costs, which are included in our third quarter adjusted EBITDA guidance for the Mini Mill segment.”
X shares hiked 71 cents, or 1.9%, to $37.50.
