Thursday, 23 March 2023


U.S. Steel Q1 EPS Guidance Tops Consensus By

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U.S. Steel (X) Q1 EPS Guidance Tops Consensus

United States Steel Corporation (NYSE:) today provided first quarter 2023 guidance on adjusted EBITDA of approximately $375 million. First quarter 2023 adjusted net earnings per diluted share is expected to be in the range of $0.58 to $0.63.

(Consensus sees Q1 EPS of $0.41)

“Momentum continues to build in the North American flat-rolled market,” commented U. S. Steel President and Chief Executive Officer David B. Burritt. “Strong safety and operating performance, improving order entry and our continued focus on winning share in strategic markets are resulting in better than expected first quarter guidance. We expect these trends to continue into the second quarter given extending lead times and the flow-through of higher selling prices.”

Burritt continued, “We are increasingly more bullish for 2023 performance. Our Flat-rolled segment order book reflects wide-ranging demand improvement. Our Mini Mill segment’s order book is also improving and its cost structure continues to normalize, as anticipated, by absorbing higher priced metallics purchased at the onset of the Ukraine war. In Europe, demand has improved and coupled with our focus on continuous improvement, we saw positive EBITDA return in February. In Tubular, we expect another quarter of improving EBITDA performance as seamless pipe prices and order entry remains healthy in the first quarter.”

Burritt concluded, “Our high return strategic projects remain on-time and on-budget. The Gary pig iron project is already contributing to the Mini Mill segment’s normalizing cost structure and the Big River Steel non-grain oriented electrical steel line is expected to be commissioned this summer. Our balance sheet strength, strategic investments with returns that significantly exceed our cost of capital and continued direct returns to stockholders are creating stockholder value, today and tomorrow.”

Stockholder Returns Update

The Company expects to complete approximately $75 million of repurchases of common stock in the first quarter under its existing $500 million stock buyback authorization. By quarter end, the Company expects to have repurchased approximately 15% of its diluted shares outstanding since the beginning of December 2021, which equates to approximately $1.1 billion returned directly to stockholders.

First Quarter Adjusted EBITDA Commentary

The Flat-rolled segment’s adjusted EBITDA is expected to be lower than the…

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