Pittsburgh Steelmaker Declared Robust Q4 Guidance

SEATTLE (Scrap Monster): Pittsburgh-based leading steelmaker, United States Steel Corporation (U.S. Steel) provided robust guidance for fourth quarter 2022.

The company expects adjusted EBITDA of approximately $375 million in Q4 this year. Also, the adjusted net earnings is likely to range between $0.58 and $0.63 per diluted share during the quarter. This is very much in line with the commentary provided at the time of October earnings call. The company remains on track to deliver its second best financial year performance, said the company press release.

David B. Burritt, President and Chief Executive Officer, U.S. Steel said that there has been significant improvement in commercial steel demand in the country during December. The scrap prices too have appreciated during the month. The month also witnessed accelerated flat-rolled customer inquiries and improved spot steel selling prices, Burritt added.

The steelmaker expects the recently commissioned Gary Works pig iron facility to begin delivering cost-advantaged pig iron to Big River Steel during the initial half of 2023. The robust cash and liquidity position of the company will help it to make further progress in its strategic initiatives.

The adjusted EBITDA of flat-rolled segment is expected to be lower in Q4, as compared with Q3. The Tubular segment too will deliver incremental earnings. However, it foresees negative adjusted EBITDA for the Mini Mill segment.