United States Steel Corporation (NYSE: X) today provided fourth
quarter 2023 adjusted net earnings per diluted share guidance of
$0.20 to $0.25. Fourth quarter 2023 adjusted EBITDA is expected to
be approximately $250 million.
Commenting on fourth quarter guidance, President and Chief
Executive Officer David B. Burritt said, “Our expected fourth
quarter performance is in-line with commentary provided on our
October earnings call. We successfully navigated the impact of the
autoworkers’ strike to our domestic flat-rolled order book. Our
diverse order book allowed us to repurpose tons impacted by the
strike to other customers. In our Tubular segment, increased
shipments are expected to more than offset the impact from lower
selling prices. We focus on the things we can control and expect to
deliver another quarter of strong safety, environmental, and
operational performance. Looking ahead, domestic steel markets are
improving, customer demand is growing, and spot selling prices are
increasing.”
Burritt concluded, “We are ending 2023 from a position of
strength. Our guidance reflects strong performance, we are
successfully negotiating annual auto contracts for incremental
volumes and better pricing, and our suite of Best for All®
strategic projects continues to progress on-time and on-budget.
Earlier this month, we produced the first pellets from our Keetac
direct reduced-grade pellet investment on-time and on-budget. In
2024, we expect to complete the remaining strategic investments,
including our dual coating line at Big River Steel and our new
state-of-the-art Big River 2 mini mill.”
Fourth Quarter Adjusted EBITDA Commentary
The Flat-Rolled segment’s adjusted EBITDA is expected to be
lower than the third quarter. Volumes are expected to decline,
reflecting the idled blast furnace ‘B’ at Granite City Works and
planned maintenance work at other facilities. Additionally, average
selling prices are expected to decline sequentially, reflecting
lower spot selling prices throughout the third quarter that will
impact lagging index-based contracts in the fourth quarter. These
headwinds are expected to be partially offset by improved product
mix. Separately, approximately $10 million of anticipated start-up
costs related to the Keetac direct reduced-grade pellet investment
are included in the segment’s adjusted results.
The Mini Mill segment's adjusted EBITDA is expected to be lower
than the third quarter. Average selling prices are expected to
decline sequentially reflecting the segment’s majority market-based
monthly contract and spot exposure. Additionally, the Mini Mill
segment incurred costs related to a planned maintenance outage in
October. These headwinds are expected to be partially offset by
benefits from lower raw material costs. Separately, approximately
$10 million of anticipated construction-related costs for in-flight
strategic projects at Big River Steel are included in the segment's
adjusted results.
The European segment’s adjusted EBITDA is expected to be in-line
with the third quarter. Lower raw material costs, higher shipment
volumes, and the absence of planned outage spending from the third
quarter are expected to offset pricing headwinds in the
quarter.
The Tubular segment’s adjusted EBITDA is expected to be slightly
higher than the third quarter. Increased shipments as distributor
inventory rebalanced are expected to more than offset the
flow-through of lower selling prices.
Cautionary Note Regarding Forward-Looking Statements
This release contains information that may constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We intend the
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements in those sections.
Generally, we have identified such forward-looking statements by
using the words “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “project,” “target,” “forecast,” “aim,” “should,”
"plan," "goal," "future," “will,” "may" and similar expressions or
by using future dates in connection with any discussion of, among
other things, the construction or operation of new or existing
facilities and operating capabilities, the timing, size and form of
share repurchase transactions, operating or financial performance,
trends, events or developments that we expect or anticipate will
occur in the future, statements relating to volume changes, share
of sales and earnings per share changes, anticipated cost savings,
potential capital and operational cash improvements, changes in the
global economic environment, including supply and demand
conditions, inflation, interest rates, supply chain disruptions and
changes in prices for our products, international trade duties and
other aspects of international trade policy, statements regarding
our future strategies, products and innovations, statements
regarding our greenhouse gas emissions reduction goals, statements
regarding existing or new regulations and statements expressing
general views about future operating results. However, the absence
of these words or similar expressions does not mean that a
statement is not forward-looking. Forward-looking statements
include all statements that are not historical facts, but instead
represent only the Company’s beliefs regarding future goals, plans
and expectations about our prospects for the future and other
events, many of which, by their nature, are inherently uncertain
and outside of the Company’s control. It is possible that the
Company’s actual results and financial condition may differ,
possibly materially, from the anticipated results and financial
condition indicated in these forward-looking statements. Management
believes that these forward-looking statements are reasonable as of
the time made. However, caution should be taken not to place undue
reliance on any such forward-looking statements because such
statements speak only as of the date when made. Our Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. In addition,
forward looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from our Company's historical experience and our present
expectations or projections. These risks and uncertainties include,
but are not limited to, the risks and uncertainties described in
“Item 1A Risk Factors” in our Annual Report on Form 10-K for the
year ended December 31, 2022 and Quarterly Report on Form 10-Q for
the quarter ended September 30, 2023 and those described from time
to time in our future reports filed with the Securities and
Exchange Commission.
References to "U. S. Steel," "the Company," "we," "us," and
"our" refer to United States Steel Corporation and its consolidated
subsidiaries, and references to “Big River Steel” refer to Big
River Steel Holdings LLC and its direct and indirect subsidiaries
unless otherwise indicated by the context.
UNITED STATES STEEL
CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED EBITDA
GUIDANCE
(Dollars in millions)
Reconciliation to Projected Adjusted
EBITDA Included in Guidance
Q4 2023
Projected net earnings attributable to
United States Steel Corporation included in guidance
$
10
Estimated income tax provision
10
Estimated net interest and other financial
costs (income)
(60
)
Estimated depreciation, depletion, and
amortization
235
Projected EBITDA included in guidance
$
195
Estimated adjustments
55
Projected adjusted EBITDA included in
guidance
$
250
UNITED STATES STEEL
CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED NET
EARNINGS GUIDANCE
(Dollars in millions, except per share
amounts)
Reconciliation to Projected Adjusted
Net Earnings Attributable to U. S. Steel Included in
Guidance
Q4 2023
Projected net earnings attributable to
United States Steel Corporation included in guidance
$
10
Estimated adjustments
45
Projected adjusted net earnings
attributable to United States Steel Corporation included in
guidance $
55
Reconciliation to Projected Adjusted
Net Earnings Per Diluted Share Included in Guidance
Q4 2023
Projected net earnings per diluted share
included in guidance (mid-point of guidance)
$
0.05
Estimated adjustments
0.18
Projected adjusted net earnings per
diluted share included in guidance (mid-point of guidance)
$
0.23
Note: Excludes potential charges related to pending operational
footprint actions and any potential outcome from the strategic
alternatives process. In addition, this reconciliation also
excludes the impact of the Company's quarterly adjustment related
to the surplus VEBA assets. See Note 18 in the Company's Annual
Report on Form 10-K for the year ended December 31, 2022, for an
explanation of the surplus VEBA assets. These excluded items are
not expected to impact adjusted EBITDA.
Note Regarding Non-GAAP Financial Measures
We present adjusted net earnings, adjusted net earnings per
diluted share, earnings before interest, income taxes, depreciation
and amortization (EBITDA) and adjusted EBITDA, which are non-GAAP
measures, as additional measurements to enhance the understanding
of our operating performance. We believe that EBITDA, considered
along with net earnings, is a relevant indicator of trends relating
to our operating performance and provides management and investors
with additional information for comparison of our operating results
to the operating results of other companies.
Adjusted net earnings, adjusted net earnings per diluted share
and adjusted EBITDA are non-GAAP measures that exclude certain
charges that are not part of the Company’s core operations such as
restructuring or asset impairments (Adjustment Items). We present
adjusted net earnings, adjusted net earnings per diluted share and
adjusted EBITDA to enhance the understanding of our ongoing
operating performance and established trends affecting our core
operations by excluding the effects of events that can obscure
underlying trends. U. S. Steel’s management considers adjusted net
earnings, adjusted net earnings per diluted share and adjusted
EBITDA as alternative measures of operating performance and not
alternative measures of the Company's liquidity and believes these
measures are useful to investors by facilitating a comparison of
our operating performance to the operating performance of our
competitors. Additionally, the presentation of adjusted net
earnings, adjusted net earnings per diluted share and adjusted
EBITDA provides insight into management’s view and assessment of
the Company’s ongoing operating performance because management does
not consider the Adjustment Items when evaluating the Company’s
financial performance. Adjusted net earnings, adjusted net earnings
per diluted share and adjusted EBITDA should not be considered a
substitute for net earnings, earnings per diluted share or other
financial measures as computed in accordance with U.S. GAAP and are
not necessarily comparable to similarly titled measures used by
other companies.
Founded in 1901, United States Steel Corporation is a leading
steel producer. With an unwavering focus on safety, the company’s
customer-centric Best for All® strategy is advancing a more secure,
sustainable future for U. S. Steel and its stakeholders. With a
renewed emphasis on innovation, U. S. Steel serves the automotive,
construction, appliance, energy, containers, and packaging
industries with high value-added steel products such as U. S.
Steel’s proprietary XG3® advanced high-strength steel. The company
also maintains competitively advantaged iron ore production and has
an annual raw steelmaking capability of 22.4 million net tons. U.
S. Steel is headquartered in Pittsburgh, Pennsylvania, with
world-class operations across the United States and in Central
Europe. For more information, please visit www.ussteel.com.
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Corporate Communications T – (412) 433-1300 E –
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Emily Chieng Investor Relations Officer T – (412) 618-9554 E –
ecchieng@uss.com
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