Posted on 21 Dec 2020
Pittsburgh-based United States Steel Corporation (U.S. Steel) announced guidance for fourth quarter of 2020. The adjusted EBITDA is expected to be nearly $55 million. The steelmaker expects adjusted loss of $0.85 per diluted share during the quarter.
The flat-rolled segment is expected to generate positive EBITDA during Q4 this year, benefiting from improved efficiencies. The results in Europe should exceed the sequential third quarter results, mainly due to improved cost cutting measures and commercial performance. These are likely to offset impacts caused by rising iron ore prices. Meantime, the Tubular customer activity remains rangebound. Higher rig counts have not yet resulted in higher shipments, the company noted.
David B. Burritt, President and Chief Executive Officer, U.S. Steel commented that there has been significant improvement in flat-rolled customer demand in the U.S. and Europe throughout the quarter under review. The company reported strong performance, especially during the month of December, mainly driven by robust steel prices. The company foresees significantly improved financial performance in 2021, he said.
Founded in 1901, the U.S. Steel is a leading integrated steel producer, with an annual production capacity of nearly 23.6 million net tons.
Source:Scrap Monster
