Posted on 16 Mar 2021
The Pittsburgh-based steelmaker United States Steel Corporation (U.S. Steel) provided guidance for first quarter 2021.
The company expects the Q1 2021 adjusted EBITDA to remain unchanged at approximately $540 million. Also, first quarter 2021 adjusted net earnings is expected to touch $265 million. This is after excluding the impacts related to acquiring the remaining stake in Big River Steel. The adjusted earnings also exclude the impacts from non-recurring refinancing costs related to balance sheet enhancements executed during the quarter. The adjusted diluted earnings per share are expected at approximately $1.02.
David B. Burritt, President and Chief Executive Officer, U.S. Steel noted that the significant earnings growth during the quarter is mainly driven by strong market conditions and the company’s well-timed acquisition of Big River Steel. The healthy flat-rolled customer demand across most end-markets is likely to result in substantially higher results from its Flat-rolled and U. S. Steel Europe segments.
The restart of Gary #4 blast furnace has improved operating efficiency. The newly formed Mini Mill segment is also expected to benefit from the current market environment.
The company noted that exceedingly high import levels tend to limit the pace of commercial recovery.
Source:Scrap Monster
