U.S. Steel Revises Guidance Upward

U.S. Steel released preliminary third-quarter 2019 results, revising its earnings guidance upward to an adjusted net loss of $35-$45 million or $0.20-$0.25 per diluted share. Previous guidance estimated a net loss of around $0.35 share. U.S. Steel said stronger shipments and better than expected performance by its flat-rolled segment drove the adjusted outlook, as well as a contingency gain from recovered claims out of the bankruptcy of a supplier.

The steelmaker expects adjusted EBITDA in the range of $134-$144 million, excluding $9 million in charges related to the fire at Clairton Works and $54 million in estimated restructuring charges. U.S. Steel previously expected adjusted EBITDA of approximately $115 million.