U.S. Steel follows Nucor, guides to lower Q4 profits

U.S. Steel on Thursday afternoon said it expected lower earnings in the fourth quarter compared to the third.

The Pittsburgh-based steelmaker predicted fourth-quarter adjusted earnings before interest, income taxes, depreciation, and amortization (Ebitda) of approximately $250 million, or $0.20-$0.25 per diluted share. That’s down 56% from adjusted Ebitda of $578 million in the third quarter.

Michael Cowden

Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.